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Partnership Assurance Group PLC Announces Pricing Of Initial Public Offering

Friday, 7 Jun 2013 02:00am EDT 

Partnership Assurance Group PLC announced the pricing of its initial public offering (the IPO or the Offer). The offer price has been set at 385 pence per Ordinary Share (the Offer Price). Partnership's implied market capitalisation at the Offer Price is GBP1,540 million, which is expected to make Partnership eligible for inclusion in the FTSE 250 Index at the next applicable review date in September. Offer size of GBP485 million, comprising 93,528,185 existing shares and 32,467,532 new Ordinary Shares which in aggregate represent a free float of approximately 31 per cent. In addition, pursuant to the over-allotment option granted to Morgan Stanley Securities Limited on behalf of the syndicate, which is exercisable for a period of 30 calendar days from June 07, 2013, certain funds managed or advised by Cinven Partners LLP (the Cinven Funds) may sell up to an additional 18,899,353 shares, representing up to 15% of the Offer. Assuming the over-allotment option is exercised in full, the free float is expected to be 36 per cent. Conditional dealings will commence on the London Stock Exchange on June 07, 2013, under the ticker PA. Admission to the premium listing segment of the Official List and to trading on the Main Market for listed securities of the London Stock Exchange and commencement of unconditional dealings are expected to take place on June 12, 2013. 

Company Quote

1.0 +0.72%
11:35am EDT