Virgin Money woos income investors with IPO plans

The firm, which purchased bailed-out bank Northern Rock in 2012, will list on the London Stock Exchange in October. Virgin Money said it aims to use the capital to fuel further growth plans, bolster capital, provide suitable incentives to staff and fund other corporate activity. It will also pay the Treasury £50m, which will bring the total paid for Northern Rock to £1.2bn. Each employee will receive £1,000 worth of shares in the business upon flotation. It also laid out plans for a dividend policy, including the goal of paying a dividend in its first financial year following admis...