IPL Plastics Announces Indicative Price Range For Share Buyback Ahead Of Its IPO In Toronto
Dublin-based plastic company IPL Plastics plc has announced its indicative price range of Can$13.50 to Can$16.00 per common share for its initial public offering (IPO) in Toronto next month.
IPL Plastics released the figures in the launch of its share buyback offer which is worth $50m Canadian dollars (€33.2m). The buyback offer is conditional on the introduction of a new Canadian company, IPL Plastics Inc, as the holding company of the IPL Plastics Group.
If this scheme becomes effective, shareholders will receive one class B common share for every five ordinary shares they hold, with each ordinary share valued at Can$2.70-Can$3.20 (€1.8-€2.1).
IPL said that if the offer price may be set outside this indicative price range, however, if the final price offering is set at a price below the low end of the indicative price range investors will have their buyback agreements terminated.
Class B common shares will not be listed for trading on the stock market for six months after completion of an IPO.
The buyback offer is being made available to shareholders who are on the register at 6.00 p.m. on Thursday, 31 May 2018
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.