Timetable for Zeneca demerger spelled out

A ZENECA pathfinder prospectus is to be published next month. The rights issue will be underwritten and formal demerger proposals sent to shareholders in mid-May.

Proposals for the demerger of Zeneca will be put to ICI shareholders at an extraordinary meeting to be held in late May.

The main proposals are:

ICI shareholders receive one share in Zeneca for each ICI share held at the date of the egm.

Zeneca will raise pounds 1.3bn by an underwritten rights issue, which will be used to reduce Zeneca's debt to ICI.

Both the demerger and the rights issue of Zeneca shares will take place in June.

Dealings in fully paid Zeneca shares and nil paid rights to begin in early June.

ICI and Zeneca intend, in the absence of unforeseen circumstances, to pay dividends in 1993 of not less than 27.5p each.

Sir Denys Henderson to be chairman of both ICI and Zeneca.

Ronnie Hampel, currently chief operating officer, will be chief executive and deputy chairman of ICI; David Barnes, an ICI director since 1986, will be chief executive of Zeneca.