Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Feltex Share Offer Price Set at $1.70 per share

24 May 2004

Feltex Share Offer Price Set at $1.70 per share

Feltex Carpets Limited has today announced that the final price of Shares in its Initial Public Offering (“IPO”) has been determined.

The final price has been set at $1.70 per Share. At the final price, Feltex will have a market capitalisation of $254 million making it the largest IPO of a New Zealand company since 1999. It will also place Feltex within the top 30 listed companies.

“We’re delighted the Feltex IPO has been so well received in the market. The level of retail investor interest in the offer has been excellent and the book build attracted good support from a range of domestic and international institutions and Primary Market Participants”, said Feltex chairman Tim Saunders.

“At the final price of $1.70 per share, the Shares are projected to provide a gross dividend yield of 9.6% for the year ending 30 June 2005. As well as providing investors with an attractive FY2005 projected gross dividend yield, a dividend of six cents per share is projected to be paid in October 2004 in respect of the year ending 30 June 2004,” said Feltex chief executive officer Sam Magill.

The offer of Shares pursuant to firm allocations from Primary Market Participants (NZX Firms) does not close until Wednesday, 2 June 2004. Under the offer structure, potential investors can now purchase shares at the fixed price of $1.70 per share via certain Primary Market Participants.

Mr Magill said: “We’re very pleased with the success of the Offer process to date. We’ve had excellent feedback from New Zealand retail brokers and their clients as well as from other investors. The company will have a strong and diverse share register”.

“The very attractive dividend yield on our shares when compared to recently announced IPO's and the general market provides investors with a real opportunity to acquire an investment with an excellent projected income flow priced at an attractive P/E (pre-goodwill amortisation) multiple of 9.8x”.

Credit Suisse First Boston Asian Merchant Partners, L.P. has owned the business for more than seven years, during which time it has expanded the company through the purchase of Shaw Industries Australia in 2000 into a leading Australasian carpet manufacturer and marketer.

Feltex Carpets’ Shares are expected to be listed on the NZSX on 4 June 2004. Mr Magill said: "I am looking forward to seeing Feltex shares successfully listed as a prominent public company in New Zealand. The company is excited about its future and the listing is a further important milestone for Feltex."

First NZ Capital and Forsyth Barr acted as Joint Lead Managers to the Offer.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news