The insurer said that it would be 11 actions by two existing actions. Current shareholders may purchase new actions in 104 pence a share, 80.8% less than the closing price on May 14.
Shareholders vote on the issue of stock, 75 per cent approval on June 7.
The issue of high school, to be held simultaneously in Hong Kong and Singapore, delayed this month when Prudential was forced to cancel his expected announcement on their prices while solving the British regulatory concerns about how held its capital in the combined group.
"We knew going in that it would be a long and complicated process," said Tidjane Thiam, the Chief Executive of Prudential. The company and British securities regulator, the financial services authority had been working around-the-clock, but at any given time, said, "we called and said that they needed more time".
Prudential said on Monday that would 5.2 million pounds sterling (7,52 million dollars) in capital surplus once they had completed the issuance of shares and take control of American International, the Asian arm of A.I.G., as well as access to other billion pounds for contingencies of stress.
In the same statement, Prudential detailed the terms of the acquisition of A.I.A., saying that the agreement had a theoretical 35 million dollars, of which $ 25 million is still effective, despite reports that Prudential value had negotiated a reduced payment of cash.
The rest is 5.5 billion dollars in new shares of Prudential, 3 million of convertible notes and notes of tier 1 $ 2 million dollars.
"From the working capital management and rationalization of the portfolio, there will be opportunities for entity combined create additional shareholder value above and beyond cost and revenue synergies identified," said Mr. Thiam.
Mr. Thiam said on Monday that life in Asia insurance companies benefited from a "premium leadership", because people wanted to buy and to work for "large, well-known and powerful brands".
Asked about the plans of the company for the sale of assets in Asia and its base, Great Britain, Mr. Thiam said: "this agreement is not based on disposals."
Added Prudential was driven by value for shareholders and that "it will be any line of business that does not meet our criteria - turned around, or if you have more value for someone that we sell."
No comments:
Post a Comment