Mortgage provider SHIP set for AIM listing

Mortgage provider SHIP is to be listed on the AIM market in London by means of a reverse takeover of the AIM-listed Ardent group.

Ardent announced this morning that it has entered into a formal agreement to acquire the entire issued share capital of SHIP (Shared Home Investment Plan plc.).

The deal values SHIP at €19.7m.

SHIP is a specialist provider of lifetime mortgages and other home equity release products for people over the age of 60 in Ireland. Equity release is the generic term used to describe financial products that allow homeowners to realise some of the ownership value in their property.

SHIP was founded by former Irish Permanent Chief Executive Billy Kane.