' Tiphook chairman 'very pleased'
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T1PHOOK chairman Robert Montague declared himself "very pleased" with his group's debut on the London Stock Exchange this week.
He said subsidiary Central Trailer Rental will expand both in Britain and Europe, but said he is not interested in buying TIP Trailer Rental, which has been put up for sale.
Two weeks ago, Tiphook's flotation (CM, July 27) with 5.5 million shares being offered, attracted comment when only about 15 per cent were taken up.
But as soon as Tiphook joined the Stock Exchange, underwriters and other institutions started buying, and by the second day the share price was just 2p short of the original 110p offer price.
A dull market and a misquoted figure for assets per share were blamed for the poor initial response to the prospectus, although the firm was q oted on an earnings basis.
Tipho, k will benefit from the prestige of being publicly quoted, said Mr Montague. The flotation is "a stepping stone, not a goal".
Now that the issue is in place, the group can concentrate on expansion, he said_ West Germany already accounts for 10 per cent of the trailer rental business, and
there will be further expansion abroad, as well as at
home. Central would be buying new equipment with top specification, he said.