Kane ready to float his SHIP on London AIM

SHARED Home Investment Plan (SHIP), the equity release company run by Billy Kane, is to float on London’s Alternative Investment Market.

SHIP has agreed to a reverse takeover by the AIM-listed Ardent Group, which will value the combined company at nearly €25 million.

Mr Kane, SHIP’s founder and largest shareholder, will not be cashing in his stake on the floatation. A former chief executive of Irish Permanent, he will be chief executive and chairman of the new company, to be renamed Seniors Finance.

“Together with the development of new products to be released later this year, we believe that our profile will be raised by trading on AIM and will enable future growth in the business,” Mr Kane said in a statement.

The company’s latest product, the Lifetime Loan, allows homeowners aged over 65 to borrow 20% to 40% of the value of their homes without making interest payments during the life span of the loan. The capital and accumulated interest is repaid on the death of the homeowner or the last survivor in the case of a couple.

Last month SHIP acquired Fitzwilliam Development, a reversionary interest portfolio, from Anglo Irish Bank. It raised €5m, adding to the €2.1m in equity raised between June and October last year. For the year ended December 31, 2005, SHIP made a loss before tax of €335,211.