Prudential to price rights on 5 May

23rd Apr 2010 07:06

Prudential will announce the price of its $20bn rights issue to fund the acquisition of AIG's Asian (AIA) businesses on 5 May.Investors wanting to subscribe for the share issue will have to do so by 14 June with dealings in the new shares starting to trade on 15 June. The shares go ex-rights on 28 May.Prudential added that the AGM to approve the share issue has been convened for 19 May 2010 but will be adjourned on that date and be reconvened on 27 May.Prudential expects to publish its listing document in connection with the proposed dual primary listing of its shares in Hong Kong also around 5 May, with shares starting to trade on 11 May. Prudential has also applied for its shares to be listed in Singapore."I am pleased to confirm that alongside the AIA transaction, plans for our dual primary listing in Hong Kong are on track. Historically the UK has been, and will remain, the largest market for our investors and we are committed to our London listing," chief executive Tidjane Thiam said.Thiam has been on a charm offensive of the Pru's leading shareholders in recent weeks to try to persuade of the merits of the deal after heavy criticism over the speed and size of the deal from some investors.