Initial Public Offer-Pricing
Robert Walters PLC
6 July 2000
Not for release or distribution in or into the United States
of America.
Robert Walters plc announces price of 170p per share
Robert Walters plc ('Robert Walters') today announces that
shares offered in the initial public offering (the 'IPO') of
Robert Walters will be priced at 170p per share.
At the offer price of 170p, Robert Walters is valued at
approximately £140 million.
The IPO and allocations under the IPO are conditional on
listing becoming effective. Conditional dealings will
commence at 8.00 a.m. on Thursday, 6 July 2000 on a when-
issued basis. It is expected that listing will become
effective and unconditional dealings in Robert Walters' shares
will commence on the London Stock Exchange under the ticker
symbol RWA.L at 8.00 a.m. on 13 July 2000. The number of
shares in issue at listing will be 82,300,000 .
Commenting on the announcement, Robert Walters, Chief
Executive said:
'I am delighted by the high level of interest and support that
our staff and institutional investors have shown in Robert
Walters. As a publicly quoted company, we are strongly
positioned to realise the growth potential of our business.
Morale is high within the company as we look ahead to exciting
new market opportunities.'
Information:
Robert Walters plc 020 7379 3333
Robert Walters, Chief Executive
Philippa Brook, Director of Marketing
Credit Suisse First Boston 020 7888 8888
Andrew Fullerton
Brunswick Group Ltd 020 7404 5959
Patrick Handley
Notes to editors:
The Business
The Robert Walters Group is an international recruitment
consultancy and provider of specialist human resources
outsourcing services. The Group specialises in placing
professional, IT, support and call centre candidates on a
permanent and contract basis with clients in the financial and
commercial sectors.
The business was established in London in 1985 and has since
built an international presence with 17 offices spanning five
continents. The Group employed approximately 680 staff
worldwide as at 31 March 2000 with over 35 per cent. of its
net fee income derived from outside the UK. The Group
originally specialised in sourcing accounting candidates for
positions in investment banking and commerce. It has since
broadened its activities to cover areas such as banking
operations, insurance, asset management, legal, support
services and call centres. Robert Walters expanded into IT
recruitment in 1996 and provides IT candidates at all levels
for clients in the financial and commercial sectors.
In 1997, the Group established Resource Solutions to provide
human resources outsourcing and consultancy services. Resource
Solutions now operates approximately 45 recruitment
outsourcing contracts in Europe, Asia Pacific and the US, as
well as a number of consulting projects.
Trading Record
£ millions Year ended 31 December
1997 1998 1999
Gross Fee Income 90.8 158.8 178.5
Net Fee Income 29.5 44.4 47.8
Operating Profit
Before Exceptional items 7.6 10.6 12.6
Operating Exceptional items - (4.2) (1.1)
Profit on Ordinary Activities 7.6 6.4 11.5
before Finance Charges
Finance Charges (Net) 0.1 (0.1) (0.3)
Profit on Ordinary Activities 7.7 6.3 11.2
before Taxation
£ millions Three months ended
31 March 2000
Gross Fee Income 43.6
Net Fee Income 13.3
Operating Profit 2.2
Finance Charges (Net) -
Profit on Ordinary Activities 2.2
before Taxation
Background of Offering
Robert Walters was first listed on the London Stock Exchange
in July 1996. In August 1998, the Group was acquired by
Edgewater Technology, Inc. (formerly StaffMark, Inc.
('Edgewater')), a NASDAQ-listed US-based staffing group,
through a recommended all share offer. Robert Walters has
since operated as an autonomous division within the Edgewater
group. Edgewater has recently announced its intention to
refocus its business model by concentrating its resources on
its e-solution business.
This announcement has been issued by, and is the sole
responsibility of, Robert Walters Plc. It has been approved
solely for the purposes of Section 57 of the Financial
Services Act 1986 by Credit Suisse First Boston (Europe)
Limited ('CSFB') which is regulated in the UK by The
Securities and Futures Authority Limited. CSFB is acting as
sponsor and financial adviser to the Company and financial
adviser to Edgewater and for no one else and will not be
responsible to any person other than the Company and Edgewater
for providing the protections afforded to customers of CSFB.
Prices and values of and income from shares may go down as
well as up. Past performance is not a guide to future
performance. Persons needing advice should consult an
independent financial adviser. Stabilisation/FSA.
This announcement does not constitute, or form part of, an
offer, or solicitation of an offer, for securities and any
purchase of, or application for, shares to be sold in
connection with the flotation should only be made on the basis
of information contained in the prospectus and supplementary
prospectus issued in connection with the flotation. This
announcement is not for distribution or release in the United
States.
The securities referred to herein have not been and will not
be registered under the US Securities Act of 1933, as amended,
and may not be offered or sold in the United States without
registration thereunder or pursuant to an available exemption
therefrom.
This announcement does not constitute an offer of securities
for sale in the United States; the securities may not be
offered or sold in the United States absent from registration
or exemption from registration.
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