Late rush is Taunton hope

ADVISERS to the flotation of Taunton Cider were last night waiting for a late rush of subscriptions ahead of this morning's closing of the public share offer.

Jeremy Prescott, at the merchant bank Samuel Montagu, said: 'It is OK at the moment, but much depends on what happens with the large applications from big institutions that only come in at the very last minute.'

He admitted that life has been made harder for Taunton by the difficult reception other new share issues have received this summer.

Taunton, which makes Dry Blackthorn draught cider, is asking investors for pounds 78m. The shares are priced at 140p, valuing the whole company at pounds 153m.

While the public offer remains in the balance, the placing of shares with institutions received twice as many applications as there were shares available.