Aldermore calls for more time

David Hellier
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ADVISERS to Aldermore, the challenger bank that is hoping to raise around £300m in a stock market flotation, yesterday extended its bookbuilding process by 48 hours in order to complete its deal successfully.

The group has been hit by shifting sentiment in the new issues market in Europe. After a bumper first half of the year, institutional investors have shown signs of fatigue. More evidence of weakening sentiment came from France where advisers yesterday pulled the flotation of Spie.