14 Jun 2000

Listing of Prudential plc shares on New York Stock Exchange

Prudential plc today announced its intention to list its shares on the New York Stock Exchange and to undertake a share offering raising net proceeds of approximately $205 million, which will be used for general corporate purposes. Subject to market conditions the listing and offering is scheduled to take place in late June.

Highlights of the offering include:

  • Prudential plc expects to raise approximately $205 million net, based on Prudential's share price on 12 June 2000, through a Global Offer comprising the issue of new shares concurrent with the listing.
  • New Shares to be issued in the form of Ordinary Shares and American Depositary Shares evidenced by American Depositary Receipts.
  • Price expected to be based on closing market price of Prudential’s shares on London Stock Exchange on or around 27 June 2000.
  • First day's trading is expected to be on or around 28 June 2000.
  • Offering to institutional and retail investors based in the United States and institutional investors elsewhere.

Commenting on the announcement, Jonathan Bloomer, Group Chief Executive of Prudential plc, said:

"I am delighted that our shares will be listed on the New York Stock Exchange. The listing marks a significant step in Prudential’s development as a leading international financial services provider and will further broaden our international shareholder base.”

Philip Broadley, Group Finance Director of Prudential plc, said:

"Prudential is well placed to benefit from the opportunities our New York listing will bring. The listing will provide Prudential with access to the world’s largest capital markets and reflects our worldwide operational presence. It will also support the continued development of our businesses in the United States and the rest of the world.”

This press release is not an offer for sale of the securities in the United States and the Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities in the United States will be made by means of a prospectus containing detailed information regarding Prudential plc (the "Company"). The Company intends to register a portion of the offering in the United States.

Copies of the preliminary prospectus are available for collection from our registered office at Laurence Pountney Hill, London EC4R 0HH or from the syndicate managers from 15 June 2000.

Analyst Enquiries Press Enquires
Carys Walshe Jeremy Reynolds
Prudential plc Prudential plc
020 7548 3823 020 7548 3721

The announcement has been issued by Prudential plc and has been approved for the purposes of Section 57 of the Financial Services Act 1986 by Morgan Stanley & Co. International Limited, which is regulated in the United Kingdom by The Securities and Futures Authority Limited.

Notes for Editors:

Information on Prudential

Prudential plc is a leading international financial services group with a market capitalisation of approximately £20 billion and funds under management in excess of £170 billion at 31 December 1999. In the UK, Prudential is the leading life insurer and biggest pension provider. In the US, Prudential owns Jackson National Life, one of the top 20 US life insurance companies. Prudential is also one of the largest UK insurers in Asia with operations in 10 countries and, in Europe, Prudential has formed partnership agreements with CNP Assurances in France and Signal Iduna in Germany. Prudential's group-wide operations enjoyed a record year in 1999, with new funds in-flows of £18.6 billion including £12.3 billion of insurance and investment sales. Profit before tax in 1999 amounted to £750 million.

The Global Offer

The Global Offer will be open to institutional and retail investors in the United States and institutional investors elsewhere. International marketing for institutional investors is due to commence on 19 June 2000 in the United States.

Prudential plc intends to offer 15 million shares in the form of ordinary shares and American Depository Shares in the US and international offerings, raising an estimated $205 million net of expenses. Each American Depository Share will represent the right to receive 2 Ordinary Shares of 5 pence each and there will be one vote per share. In addition, Prudential plc has granted the underwriters an over-allotment option with respect to 2.25 million shares.

The syndicate

The syndicate for the Global Offer comprises:

Morgan Stanley Dean Witter global co-ordinator, lead manager and bookrunner
Cazenove & Co. co-lead manager
Goldman Sachs International co-lead manager
UBS Warburg co-lead manager

- ENDS -

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Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).