Promina float to raise $2.1 billion
Financial services group Promina will attempt to raise up to $2.1 billion in its upcoming listing on the Australian Stock Exchange (ASX) in May.
The group will offer 1.057 billion shares at a maximum of $1.90 each, with that figure broken down into 900 million shares available under the offer and a further 157 million shares available through an over-allotment option.
The details of the offer were made available earlier today but Promina chief executive Mike Wilkins who says the group’s British parent, Royal and SunAlliance (RSA-UK) would receive around $1.95 billion from the float with the balance being retained by Promina.
RSA-UK would also take on a minority shareholding in Promina in the event the share allocation was not fully taken up, according to Wilkins.
Promina will open the retail offer for shares for just under three weeks from April 14 to May 2 with a final price and the first day of trading expected on May 12.
Retail investors, who may be eligible for a 10c per share discount, will have a minimum allocation of 1000 shares, with the refund returned after the institutional book build closes on May 9.
Pre-registered customers of Promina will be guaranteed a minimum allocation up to $5000 while non-customers who also pre-registered will be guaranteed a minimum allocation of up to $3500.
Promina customers who did not pre-register will also be eligible for the same minimum allocation of $3500.
The announcement late last year that RSA-UK would cut ties with the business through a public float followed several failed attempts to sell the Australian and New Zealand operation.
The subsequent restructure also saw a number of executives leave the company, including general manager for sales and marketing Ken Brewer, New Zealand chief executive Alan Bradley, finance director for New Zealand Ivan Hoshek and human resources director for New Zealand Warwick Harvey.
AUTHOR
Jason Spits
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