A prospectus was released today detailing plans for the flotation of Granada’s media arm (see Granada Group To Float Media Arm). Just over 260 million ordinary shares will be offered at a price expected to be between £4.65 and £5.25 per share. This would value the new company at £5.6 to £6.3 bn, prior to the raising of new equity.
The offer is expected to raise up to £1.5bn in new capital, which some have suggested would form a war chest in Granada’s bid to take over either one of its rivals, Carlton Communications or United News and Media (see Granada Poised To Bid For Rivals).
The offer price and allocations will be announced on 11 July, with conditional dealings commencing the same day. Admission and unconditional dealings will start on 18 July.
Following the release of these plans, Granada chief executives are expected to embark on a roadshow for UK, European and American investors. The offer will see around 17% of issued share capital fall into public hands with the remainder being held by the parent company, Granada.
Granada Media Group: 020 7620 1620
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