Prudential PLC
14 June 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 020 7548 3823 Jeremy Reynolds 020 7548 3721
Prudential plc Prudential plc
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 Depositary Shares in the US and international offerings,
raising an estimated $205 million net of expenses. Each American Depositary
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
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