SAGA, the insurer and holiday provider, yesterday appointed two of the banks that helped it list on London’s stock exchange as joint corporate brokers.
Bank of America Merrill Lynch and Goldman Sachs will take on the mandate after acting as joint global co-ordinator and joint bookrunner on last month’s share offering.
Bank of America’s Merrill Lynch unit had been used to plot the group’s mass share sale to customers. Despite being the biggest offer of new shares this year, Saga has performed badly in the aftermarket. Yesterday shares closed up three per cent at 179.5p, down from an issue price of 185p.
A regulatory filing last week showed that Merrill Lynch had used a stabilisation process known as a greenshoe to support the share price in the initial days after the float.