Centaur forced to cut float value

STOCKBROKER Numis has cut the projected valuation of Centaur, the publishing business it is floating, after several institutional investors balked at the initial £160mi price.

Investors said last week that Numis is now discussing a valuation of £145m for the business, which publishes Money Marketing and The Lawyer magazines.

At least eight leading institutional investors turned down the chance to take a stake in Centaur and several complained last week that they had been put under pressure by Numis to participate.

Chief executive Oliver Hemsley is said to have called fund managers on the ski slopes to discuss the deal. Numis said: 'The Centaur transaction is progressing very well.'

One investor who turned down Centaur said: 'We just couldn't make the valuation stack up, but I believe from the tone of the phone calls that it is not going as well as expected.'

It is understood, however, that Axa, where Stuart Fowler is head of UK equities, has taken a significant stake in Centaur.

We recently revealed that Fowler had personally invested in stocks promoted by David Poutney, corporate broker at Numis.