By Phil Boeyen, ShareChat Business News Editor
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Tuesday 23rd October 2001 |
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The listing is planned as part of the company's move to separate into two listed businesses - Healthcare and Appliances.
Last month F&P filed an F-1 Registration Statement with US securities officials indicating that the American Depository Shares (ADS) for its Healthcare listing would be in a range between US$17 to US$19.
However the company has now lowered the indicative range to between US$16 to US$18 per ADS.
"The company is pleased that the separation arrangement remains on course, with the indicative US offer price reflecting current conditions," F&P says in a statement.
"The actual price at which ADS's are sold under the US Healthcare Offer will be determined by the level of market interest in the offer. The price requires the directors' approval, acting in the best interests of shareholders and the company as a whole."
Each ADS will represent four shares in the Healthcare business. At current exchange rates that gives an indicative price range of between NZ$9.56 to NZ$10.75 per NZ listed Healthcare share.
Pricing of the US Healthcare Offer is expected to occur in the second week of November.
Under the separation agreement F&P shareholders will get a cash payment of between 44.7 cents and 70.6 cents per share and will also receive 0.528 Healthcare shares and 0.550 Appliances share for every share they currently own.
Following the separation of the two business, F&P shareholders will directly own 62% of Healthcare shares while 18% will be in the hands of US investors and another 20% will be owned by the Appliances business. F&P shareholders at record date will own 100% of the Appliances company.
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