Danny, I'm looking at NNDS as a long term hold. Just like I am on Wcg. Robert Murdoch is behind NNDS, and we're talking about European television. If NNDS gets crushed, I'll wait it out. Trust me.
28 might be a good entry point. If you've got patience.
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NEW YORK--(BUSINESS WIRE)--Nov. 22, 1999--NDS Group plc, the UK-based pay-television technology subsidiary of The News Corporation Limited (NYSE: NWS), today announced that it had priced its initial public offering (the "offering") of ADSs.
-- Initial public offering price to be US$ 20 per ADS;
-- Offer to raise gross proceeds of US$ 180 million, assuming no
exercise of the underwriters' over-allotment option;
-- Shares to be quoted on the Nasdaq National Market (NASDAQ) and
the European Association of Securities Dealers Automated
Quotation (EASDAQ), under the symbol "NNDS".
Structure of the Offer
The offering comprised 9,000,000 Series A ordinary shares in the form of ADSs, representing approximately 18% of the issued share capital of the Company. In addition, the Company has granted the underwriters an over-allotment option of up to 1,350,000 Series A ordinary shares in the form of ADSs, which, if exercised, would increase the size of the offering to approximately 20% of the issued share capital of the Company.
The initial indicative price range of between US $15 - $17 per ADS was increased to between US $18 - $20 per ADS on 19 November 1999, and the final price was set at US$ 20 per ADS. This followed an international bookbuilding exercise amongst institutional investors in Europe and the US as well as retail investors in the US.
Upon the completion of the offering, and if the over allotment-option is not exercised, News Corporation will own approximately 82.4% of NDS Group equity and the rest will be owned by the public.
The offering was managed by Morgan Stanley Dean Witter, Allen & Company Incorporated and Merrill Lynch & Co. Morgan Stanley Dean Witter acted as lead manager and book-runner.
Trading
Trading in the ADSs on NASDAQ and EASDAQ (under the symbol "NNDS") is expected to commence on a when-issued basis, on Tuesday, 23 November on NASDAQ and on Wednesday, 24 November on EASDAQ.
- Ends -
For further information, please contact:
George Tyler Morgan Stanley Dean Witter Tel: +44 171 425 5000
Debbie Potts Citigate Dewe Rogerson Tel: + 44 171 282 2966
Mob: + 44 385 254 660
Notes to Editors
About NDS
NDS `smart-card' coding technology enables broadcasters and programme content producers to securely deliver digital content to TVs and PCs and receive payment for it.
This `smart-card' coding technology (known as conditional access systems) scrambles programming content to prevent unauthorised access and, therefore, are a necessary component to every pay-television system. With NDS's technology, broadcasters can package programming content in pay-television channels and pay-per-view events, and charge their subscribers for access to these channels and events. NDS's technology and set-top box software also include software to provide electronic program guides and interactive services, such as interactive advertising and e-commerce.
NDS also designs and develops broadcast control software that is essential for managing and operating a digital television broadcast facility and offers complete system design and integration services.
Issued by NDS Group plc and approved by Morgan Stanley & Co. International Ltd., regulated by the Securities and Futures Authority Ltd. Morgan Stanley Dean Witter is a service mark of Morgan Stanley Dean Witter & Co.
The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of NDS, the occurrence of which involve certain risks and uncertainties, including risk of market acceptance, the effect of economic conditions, possible regulatory changes, and/or technological developments, and the impact of competitive pricing, as well as certain other risks and uncertainties which are detailed in NDS' filings with the SEC.
Copies of the final prospectus may be obtained from Morgan Stanley Dean Witter, 1585 Broadway, New York, New York 10036.
Copies of the final prospectus will also be available from Morgan Stanley &Co. International Ltd., 25 Cabot Square, London E14 4QA.
CONTACT:
Morgan Stanley Dean Witter >> |
