An offering may be held in July-October at a company value of $300 million.
Scope Metal Trading and Technical Services Ltd. (TASE: SCOP) is considering becoming a dual-listed share this year. The company’s chiefs have been talking with investment houses in recent months about a possible offering on Nasdaq during the second half of 2007.
Scope Metal’s executives have reportedly met with UBS and CIBC about a future offering. No one has yet begun working on a draft prospectus, but an offering will apparently be based on the company’s financial report for the first or second quarter of 2007, which means that it will be held sometime in July through October. Scope Metal’s controlling shareholders, chairman and CEO Shmuel Shiloh and First Israel Mezzanine Investors Fund (FIMI), will apparently try to hold the offering at a company value of $300 million.
Scope Metal’s share rose 7% on the news, giving it a market cap of $234.5 million. This means that the proposed Nasdaq offering will be held at a premium of 28% over the present market cap on the Tel Aviv Stock Exchange (TASE).
Published by Globes [online], Israel business news - www.globes.co.il - on February 21, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007