UK - Promethean-backed traded endowment policy business to float

Promthean Investments portfolio company T.I.S. Group has announced its intention to seek a listing on AIM. T.I.S is a UK market leader in traded endowment policies and distributor of institutional funds. As part of the IPO, the group intends to raise up to £50m of new money by way of an issue of new shares. None of the existing shareholders of the group are selling any shares in the placing. The group has appointed Fairfax I.S. Plc as its nominated adviser and broker for the IPO. T.I.S was acquired by Promethean in June 2007 in a management buyout in which Promethean invested £10m of equity alongside £40m of senior debt provided by Bank of Scotland.