Pricing of Egg Flotation
Prudential PLC
12 June 2000
The Re Pricing of Egg Flotation announcement for Prudential PLC released today
at 07:19 under RNS No. 0561M has been re-released to facilitate onward
transmission by third party vendors.
The announcement is unchanged and is reproduced in full below.
Not for distribution or release in or into the United States, Canada,
Australia or Japan or to U.S. persons.
Date: Sunday 11 June 2000
PRICING OF EGG FLOTATION
Prudential plc and Egg plc today announced that shares offered in the initial
public offering (IPO) of Egg plc are expected to be priced at 160 pence per
share. This price is within the price range of 130 pence to 175 pence
announced on 25 May 2000. This implies a market capitalisation in excess of
£1.3 billion.
The Global Offer comprises approximately 147 million shares. At the offer
price of 160 pence per share, Egg plc will receive net proceeds of
approximately £150 million and Prudential will receive approximately £86
million before deduction of expenses.
More than 85,000 retail applications for a total amount of over £70 million
were received from eligible customers and employees, in the Egg Share Offer
and the Employee Offer. Given the overall level of demand in the Global
Offer, approximately 35 million shares for an aggregate price of over £55
million (approximately 24% of the total number of shares offered) have been
allocated to meet these applications. Accordingly, applications by customers
and employees who applied for the maximum £1,000 worth of shares have been
scaled back. These applicants will receive £752 of shares. Applicants who
applied for either £500 or £200 worth of shares will receive the amount
applied for in full i.e., 312 and 125 shares respectively. Customers will be
notified by e-mail from tomorrow morning of their individual allocations.
Conditional dealings in Egg plc shares are expected to commence at 0800 on 12
June 2000 on the London Stock Exchange.
Commenting on the announcement, Mike Harris, Chief Executive of Egg plc, said:
'We are delighted with the interest and support this IPO has received and
welcome our new shareholders. We have now established a strong platform for
growth for the future and look forward to continue driving the development of
Egg.'
Jonathan Bloomer, Group Chief Executive of Prudential plc, said:
'The success of the IPO of Egg is a strong endorsement of the strength and
quality of the business.'
For further information please contact:
Media
Jeremy Reynolds 020 7548 3721
Prudential plc
Pema Radha 020 7526 2600
Egg plc
Analyst
Carys Walshe 020 7548 3823
Prudential plc
Kieran Coleman 020 7526 2648
Egg plc
This announcement is not for distribution in the United States, Canada,
Australia or Japan. This announcement and the information contained herein
is not an offer of securities for sale or a solicitation of an offer to
purchase securities in the United States, Canada, Australia or Japan. Egg
securities may not be offered or sold in the United States unless they are
registered under applicable law or exempt from registration. Egg does not
intend to register any portion of the offering in the United States or to
conduct a public offering of securities in the United States. No money,
securities or other consideration is being solicited by this announcement or
the information contained herein, and, if sent in response to this
announcement or the information contained herein, will not be accepted.
Goldman Sachs International is acting as sponsor, financial adviser and broker
to Egg plc and financial adviser to Prudential plc and no one else in
connection with the offering and will not be responsible to any other person
for providing the protections afforded to customers of Goldman Sachs
International or for providing advice in relation to the offering.
No offer or invitation to acquire shares in Egg is being made by or in
connection with this announcement. Any such offer will be made solely by means
of a prospectus and any acquisition of shares should be made solely on the
basis of the information contained in such prospectus. The value of shares can
go down as well as up. Persons needing advice should consult a professional
adviser.
Stabilisation/FSA
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