Telewest Flotation Campaign

TeleWest, Britain’s biggest cable TV operator could be valued at up to £1.86 billion once it is floated on the stock market, according to a prospectus which the company issued yesterday. This is equivalent to 190p a share. Advisers have put a price of 161p a share and £1.61 billion as the minimum worth of the company.

An attempt to float the company in May was halted, with turbulent stock market conditions blamed. The company forecasts that the first dividends could be paid in 1998. The prospectus also indicates that operating losses increased in the first 9 months of this year by 68% year on year to £31.6m. Neither TCI or US West, the two US owners, are selling any shares; both will remain with 37% ownership.