11 Jun 2000
Pricing of Egg flotation
Not for distribution or release in or into the United States, Canada, Australia or Japan or to U.S. persons.
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:
Jeremy Reynolds 020 7548 3721
Pema Radha 020 7526 2600
Carys Walshe 020 7548 3823
Kieran Coleman 020 7526 2648
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.
- ENDS -