Virgin Mobile UK announces its intention to file for IPO; names Charles Gurassa as board chairman and appoints non-executive directors

June 30, 2004

2 Min Read

LONDON -- Virgin Mobile Holdings (UK) Limited (“Virgin Mobile”), the UK’s largest mobile virtual network operator (MVNO), today announced its intention, subject to market conditions, to seek a full listing of its shares on the London Stock Exchange and proceed with a global offering of existing shares by a member of the Virgin Group of companies (the "Global Offer").

It is intended that the Global Offer will be completed before the end of July and that shares will be sold to institutional investors in the UK and internationally. All Virgin Mobile employees who have worked for the company for more than a year will also receive a gift of free shares following the listing. Full details of the structure of the Global Offer will be included in listing particulars due to be published in July. J.P. Morgan and Morgan Stanley will act as joint global co-ordinators, joint bookrunners and joint sponsors of the Global Offer and J.P. Morgan, Morgan Stanley and Investec Securities intend to act as underwriters.

Launched in November 1999, Virgin Mobile has become one of the UK’s major providers of mobile communications services. Virgin Mobile has acquired approximately 4.1 million customers, and is the UK’s largest MVNO.

Virgin Mobile also announces that Charles Gurassa has joined its Board as Chairman. Sir Richard Branson is expected to become the Honorary President of Virgin Mobile upon listing. Caroline Marland, Rupert Gavin and David Maloney have also joined the Board as non-executive directors.

Tom Alexander, Virgin Mobile’s Chief Executive Officer, said:“The flotation of Virgin Mobile is an exciting milestone for the company, its staff and shareholders. Since launch in late 1999, we have created a mobile business with a powerful brand and a commitment to consumer innovation and excellent customer service. Becoming a public company, and increasing our profile, will provide a platform to further grow our business, attract customers, and retain and motivate the great people at Virgin Mobile.”

Sir Richard Branson, Chairman of the Virgin Group of companies, said: “In less than five years Virgin Mobile has grown from scratch to acquire more than four million customers. I am very proud of what the team has achieved so far and am confident that, following the IPO, Virgin Mobile will go from strength to strength.”

Charles Gurassa, Chairman of Virgin Mobile, said: “I greatly admire what Virgin Mobile has achieved since its creation. I very much look forward to working with the team at Virgin Mobile to build on the company’s already impressive track record.”

Virgin Mobile Telecoms Ltd.

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