LONDON, March 14, 2000 (PRIMEZONE) -- lastminute.com plc, a UK based company, today announced that the offering price for its American Depositary Shares ("ADSs") has been fixed at $ 30.02 per ADS (3.80 pounds per ordinary share). Each ADS represents five of lastminute.com plc's ordinary shares.
At the initial public offering price, lastminute.com has a market capitalisation of $ 903 million (571 million pounds). Net proceeds to lastminute.com from the IPO, assuming no exercise of the over-allotment option (greenshoe), after deducting the underwriters' discount and commissions and estimated offering expenses payable by lastminute.com, are approximately $ 179 million.
In connection with the global offering, an over-allotment option (greenshoe) has been granted to Morgan Stanley Securities Limited, on behalf of the underwriters, to subscribe, or procure subscribers, for an aggregate of 4.95 million additional ordinary shares. If the over-allotment option is exercised in full, net proceeds to lastminute.com will increase to approximately $ 207 million.
Trading of ADSs is to commence on the Nasdaq National Market on March 14, 2000. The ADSs will be quoted on the Nasdaq National Market under the symbol "LMIN".
Conditional dealings in shares are to commence on the London Stock Exchange on March 14, 2000. Admission and unconditional dealings in shares are to commence on the London Stock Exchange at 8 am (London time), March 21, 2000. All dealings in the shares and ADSs between the commencement of conditional dealings and the commencement of unconditional dealings in the shares will be on a "when issued basis".
According to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, secondary market trades in the ADSs on the Nasdaq National Market will generally be required to settle within three business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade ADSs on the day following pricing or the next succeeding business day will be required by virtue of the fact that the ADSs initially will settle five business days following the trade date, in other words, T+5, to specify an alternative settlement cycle at the time of the trade to prevent a failed settlement. Purchasers of ADSs who wish to trade ADSs on the date following pricing or the next succeeding business day should consult their own advisers.
Morgan Stanley Dean Witter is global co-ordinator and sole bookrunner for the global offering. Other members of the offering syndicate are Cazenove & Co., Deutsche Bank, Donaldson, Lufkin & Jenrette and Warburg Dillon Read.
lastminute.com announced on March 1, 2000 that it filed a registration statement with the U.S. Securities and Exchange Commission regarding the public offering of 33 million of its ordinary shares. This registration statement, as amended, became effective on March 13, 2000. Prior to the offering, there has been no public market for the shares or ADSs.
Background information on lastminute.com
lastminute.com currently offers consumers in the United Kingdom, France, Germany and Sweden last minute opportunities for airline tickets, hotel rooms, package holidays, entertainment tickets, restaurant reservations, speciality services, gifts and auctions. lastminute.com's strategic objective is to be the global marketplace for all last minute services and transactions. lastminute.com's service is based on the utilisation of the Internet and lastminute.com's web site.