Saga
It’s hard to avoid the conclusion that investors were sold a bit of a pup when they bought into the Saga flotation four years ago. They were told of all the mouthwatering opportunities to extend the over-50s brand into new areas, from wealth management to domiciliary care and home building.
Now we know it was after all just a dull, low-growth insurer masquerading as something more exciting, albeit with a small and successful cruising business on the side. Even after yesterday’s 6 per cent bump to 123¾p, the shares are still way down on the 185p float price.
Institutions saw through the blarney at the time. They largely shunned the float, forcing the private equity backed sellers to price at the very bottom of