Radex-Heraklith (RHI AG), the Austrian manufacturer of industrial fireproof materials, has named the price range for new shares at between Euros 23.90 and 27.30.
Based on the recent share price of Eu…
Radex-Heraklith (RHI AG), the Austrian manufacturer of industrial fireproof materials, has named the price range for new shares at between Euros 23.90 and 27.30. Based on the recent share price of Euros 28.31, this would represent a discount of between 3.6% and 15.6%, the group said in a statement. RHI is offering six million new shares partly to finance its friendly takeover of Global Industrial Technologies Inc , which it bought for Sch 3.9 billion. The final subscription price will be fixed on 13 October. The subscription ratio to the existing shares is 7:3 and the new stock will be traded on the Vienna Stock Exchange and the Frankfurt Stock Exchange from 19 October. RHI said that a total of around 70% to 75% of the shares had already been place prior to the public offering. The group reiterated that it expects a break-even result in 1999 and a significant improvement in 2000. “In the following years RHI“s record result of 1998 should be approximately doubled as a result of the cost reductions, the expected positive market development and the significantly strengthened world market position of RHI,” it said.