The enthusiastic, some might say over-the-top, reaction to Marlborough's acquisition of Walker Hamill when the shares were relisted on the Dublin market last week provides a handy background for the possible flotation of the former Aer Lingus subsidiary, Parc, over the next year.

Three years ago Mercury Development Capital backed the management buyout of Parc from Aer Lingus for an undisclosed sum "in excess of £11.5 million".

Like true venture capitalists, Mercury wants to cash in on its investment, and various mechanisms, including a flotation, are now being considered.

The big question is whether Mercury could get a better price from a trade sale or a flotation of Parc.

Following its rise to 360p after its relisting last week, Marlborough is currently trading on a prospective p/e of around 40. Mercury and the Parc management would be delighted to float the company on that rating but that is a non-starter. A flotation at a multiple of 20 seems a more likely prospect.