F&P touts strong opening prices

F&P Healthcare (NZSE: FPH) and F&P Appliances (NZSE: FPA) began standalone trading on the NZSE on Wednesday morning, although Healthcare ADSs were traded on the Nasdaq overnight.

Gary Paykel says there has been a strong level of interest in the Healthcare business following its Nasdaq listing.

"We have achieved our objective of increasing long term shareholder value by separating Fisher & Paykel into two separately listed companies.

Mr Paykel says the US offer price of US$18 per ADS was at the top end of the indicative range and the offer was seven-times oversubscribed.

"This level of interest was reflected in the ADS price reaching $US24.00 in early trading, indicating a strong and liquid after market for Fisher & Paykel Healthcare Corporation shares.

"In the latter stages of the process, in response to New Zealand and Australian institutional demand, the US offer was extended to qualifying institutional investors, allowing us to make available a very limited allocation from the US Healthcare offer to local institutions."

Mr Paykel says the success of the separation process can be seen in the rise in value for the company's shareholders, whose F&P shares were worth $7.60 when the separation was announced.

"The prices for both Fisher & Paykel Appliances Holdings Limited and Fisher & Paykel Healthcare Corporation Limited, at the opening of the NZSE this morning, endorse our decision to separately list the two companies."

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