Inmarsat Sets IPO on June 22

LONDON, June 2, 2005/Satnews Daily/ — Inmarsat plc announced on Wednesday its intention to proceed with an initial public offering of shares and to seek a full listing on the main market of the London Stock Exchange.

Inmarsat said it appointed JP Morgan Cazenove and Morgan Stanley as Joint Sponsors for the proposed flotation. JP Morgan Cazenove, Lehman Brothers, Merrill Lynch International and Morgan Stanley have been appointed joint book-runners.

The company said it plans to announce pricing, allocations, and commencement of conditional dealings on or around June 17, 2005. Admission to the Official List of the UK Listing Authority and trading on the London Stock Exchange are expected to take place on or around June 22, 2005.

Andrew Sukawaty, chairman and CEO of Inmarsat, said he is delighted to announce Inmarsat's intention to float. “Inmarsat is the premier global provider of mobile satellite services, which through its scale and leading technology is uniquely positioned to take advantage of the exciting growth prospects in the sector,” he said.

“We are looking forward to the opportunities afforded by public company status, and we will use the proceeds of the IPO to strengthen our balance sheet,” he added.

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