M7 founder Richard Croft has revealed ambitious plans to float himself on the IPSX market.
The listing would be the largest IPO on the exchange yet, with marketing documents suggesting that Croft has been independently valued at £1.3bn, substantially ahead of his most recent book value at the end of December.
“I’ve always said I’ll give all of myself to this venture, and now I truly will,” said Croft, who will establish separate subsidiaries in Croft REIT to hold his corporeal and spiritual forms. Croft will remain the controlling shareholder of himself, but analysts expect Asian and Middle Eastern investors to back the transaction.
The deal could prove contentious given that it is yet another IPSX listing driven by Croft, who also owns a sizeable stake in the exchange itself.
Croft responded to criticisms by saying: “If people have a problem with that, then they know where to find me – on an extensive international roadshow in which I will be outlining a generous dividend and plans for an impressive refurbishment of much of my asset. Hey, I said asset.”
Croft confirmed that the deal would not see him physically broken up, after initial plans to conduct an investor roadshow in which he would be torn apart via hooks and chains like something out of Hellraiser were found to be in breach of FCA guidelines. Nonetheless, the Croft REIT launch will be marketed using the slogan “Come and get a piece of me”.
IPSX chief executive Roger Clarke welcomed the news as a vote of confidence in the market, but added that he really would like it if British Land would consider just IPOing a small office.
“Just a little one,” Clarke was heard to mumble, as he mournfully traced the letters IPSX in the dust of his in-tray. “It doesn’t even have to be any good.”
Investors are now looking to the Q3 listing of E-Croft REIT on the new tech arm of IPSX. The company, the sole asset of which is Croft’s brain digitised and combined with an AI system, has proved controversial since IPSX’s Clarke was heard on a hot mic at an investor meeting saying: “Good Lord, it’s become sentient.”
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