MOSCOW (MRC) -- The Wacker-Group, the current owner of Siltronic AG, and Siltronic, together with the Joint Global Coordinators and Joint Bookrunners, have set the placement price of the Siltronic shares offered at EUR30 per share. The price range was set at EUR30 to EUR38, reported Wacker on its site.
A total of 11,000,000 shares are being placed in the context of the offering. Thereof, 5,000,000 are new shares issued in a capital increase by Siltronic and 6,000,000 are existing shares from the holdings of Wacker. In addition, a greenshoe option of 1,650,000 shares is available, also from the holdings of Wacker.
If this option is fully exercised by the syndicate banks, the total number of placed shares will increase to 12,650,000. The total proceeds from the placement stand at approximately EUR330 million if the greenshoe option is not exercised or around EUR380 million if the greenshoe option is fully exercised.
Siltronic will have a free float of 42.2% of its share capital after the capital increase if the greenshoe option is fully exercised. In this case, Wacker will retain 57.8% of the company's share capital. The selling shareholder Wacker committed itself not to sell any further Siltronic shares and not to carry out any capital increase or comparable capital measures at Siltronic for a period of six months from the first day of trading without the consent of the Joint Global Coordinators.
As MRC wrote previously, Germany's Wacker Chemie said will increase its 2014 dividend to EUR1.50 (USD1.59) from EUR0.50 following a marked increase in sales and earnings, but full-year net profit is expected to fall below the 2014 figure due to lower special income and a tax rate of slightly more than 50%.
Wacker Chemie AG is a worldwide operating company in the chemical business, founded 1914. The company is controlled by the Wacker-family holding more than 50 percent of the shares. The corporation is operating more than 25 production sites in Europe, Asia, and the Americas. The product range includes silicone rubbers, polymer products like ethylene vinyl acetate redispersible polymer powder, chemical materials, polysilicon and wafers for semiconductor industry.
MRC