LONDON, UK: The London Tunnels Plc announced its intention to seek admission to the standard segment of the Official List and to trading on the Main Market of London Stock Exchange plc, which is expected to take place in January 2024.
The company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940s, and designed to shelter people during the London Blitz.
The project aims to collaborate with major technological and entertainment companies, as well as like-minded partners, museums, and universities across both the City of London and Camden; enabling up to two million visitors a year to explore and discover the heritage and history of London during WW2 and the Cold War while offering a cultural, beautifully designed, multi-sensory, digital experience across the world of the arts, nature and sciences.
Angus Murray, Chief Executive Officer of The London Tunnels, commented: “This unique set of tunnels, owned by a British company, built by the British Government, for the defence of Britain, that can further enhance London’s reputation as a leading tourist destination, should be listed in London. As a result, we are pleased to announce our intention to float on the London Stock Exchange.
“The Admission of The London Tunnels to the London Stock Exchange offers both UK and International investors a chance to support, while owning part of, this unique irreplaceable heritage and cultural attraction located in Central London.
“We envisage The London Tunnels achieving the same iconic status in London as the London Eye.”
London Tunnels has already successfully raised approximately £10 million from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market of the London Stock Exchange. The Company is expected to have a market capitalisation of approximately £123 million on Admission.
Once admitted the Company will commence a Post-Admission Placing for up to £30 million at £2.00 per share. The ISIN of the Ordinary Shares is GB00BS28ZN53 and the SEDOL is BS28ZN5.
The Company has engaged leading experts in the sector for planning, engineering, and design including WilkinsonEyre, WSP, Montagu Evans and Gardener and Theobold.
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