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Sharing the Daf cake
Page 7
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• Daf BV, the Dutch truck and bus builder which owns Leyland Daf, is aiming to raise between 2211 million and 2236 million through its share offer which should see it launched on both the London and Amsterdams Stock Exchanges on Monday 5 June.
The price of a five-guilder share, worth about 21.40p, has been provisionally set at between NLG42-47 (211. 66E13.05), although publication of the final prospectus and the announcement of the final offer price for shares will not take place until 24 May.
The Rover Group owns 40% of Daf By, worth about 2142.5 million, but on 24 May it will sell 60% of its holding, which is equivalencto 24% of Daf BY, leaving 16% of the new listed company which will be worth 257 million and called Daf NV. Under the flotation the Rover Group will not be able to sell its remaining holding in Daf NV for at least two years. The sale of the 60% holding is likely to net the Rover Group around 285 million. Last year, Daf BV enjoyed a net profit of NLG 147.2 million (240.88 million) — more than double its net profits for 1987. Turnover increased by 38% to NLG 5.2 billion (21.44 billion).
As part of the floatation, Daf plans to operate an employee share ownership scheme, with around 200,000 of the 18,103,560 shares due to be allocated to its workforce, including those in Leyland Daf.
Despite a hiccup on the Dutch Stock Exchange on Monday (1 May) the company is confident it will have no problems attracting potential shareholders.