Hastings to float with negative tangible equity, research house claims
Research firm Macquarie has predicted that the upcoming Hastings initial public offering will raise £180m for the company, but it will begin its life on the stock market with negative tangible equity.
The research house said: "Hastings' 1H 2015 reported shareholders' equity was £328.5m, as opposed to intangibles and goodwill of £591m.
"This suggests that even after the £180m of new money expected
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