General Cable cuts offer price
Thursday 20 April 1995
The company is raising £171m through the flotation in London and New York, valuing it at £481m. The previous price range would have valued it at between £557m and £646m.
A spokesman said: "There was a pocket of resistance in the US to the prices in the predicted range." The banking syndicate handling the sale believed that, at 190p, the sale would get away well and there would be a healthy after-market in shares after start of trading this morning.
The spokesman said demand among UK institutions remained strong. Lazard Brothers has been acting as global co-ordinator for the sale with NatWest Securities as joint local manager in Britain.
Speculation over the pricing has mounted since the collapse of shares in Videotron, another UK cable company, listed on the New York Nasdaq exchange earlier this month. Subsequently Nynex CableComms, one of Britain's largest cable firms, said it would postpone a £400m international share offering that would value it at about £1.3bn.
Nynex blamed delays with a review of its draft prospectus by the US authorities, but City analysts said it was probably shaken by the Videotron float and was awaiting the outcome of General Cable.
James Dodd, an analyst with Kleinwort Benson, said he remained bullish about the prosects for the sector but US Nasdaq investors were suffering from investment fatigue.
General Cable is only the second sector listing on the London Stock Exchange, but the sixth on Nasdaq since the dbut of International CableTel in 1993.
As anti-Semitic attacks rise, Grant Feller re-evaluates his identity
Kirstie Allsopp has waded into the female fertility debate again
...and it wasn't caused by an asteroid crash, as first thought
Savoury patisserie is a thing now
Gillian Anderson lays into gender disparity in Hollywood
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 4 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Stella McCartney apologises over controversial 'very ill' model picture on Instagram
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole named 'the most dangerous celebrity' on the internet
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...