Michael Storey News

Global mobile satellite communications company Inmarsat said on Monday it expected to launch a public offering of its shares (IPO) by year-end to raise money to pay off debt or to make acquisitions. "We are ready to go anytime soon. We have done all the preparation work for an IPO and we continue to monitor the market," Inmarsat Chief Executive Michael Storey said. Storey expected the listing - most likely at The London Stock Exchange but maybe also on the New York Stock Exchange - to take place in the third or fourth quarter this year. The company has appointed brokers Morgan Stanley to lead the flotation. Orginally Inmarsat aimed for an IPO in the first half of this year, but the global downturn on stock markets delayed the plans, Storey said.

As per the company's Board of Directors, Inmarsat has decided, after a comprehensive detailed analysis, that it will not be proceeding any further with direct investment in ICO Global Communications (Holdings) as it is not sufficiently compatible with Inmarsat's future growth strategy. "Our strategy is to focus on delivering global high bandwidth integrated multimedia mobile satellite communication services to the corporate market, and we are aggressively developing our business growth strategy in line with this," said Michael Storey, Inmarsat's president and CEO.