Drake & Scull International (DSI) has said that the share allotment and refund process, following a successful Intial Public Offering to raise Dh1.198 billion ($326 million), will be completed by July 30.

The company, which is under incorporation in Dubai as a Public Joint Stock Company said all subscriber allotment notices and refund cheques will have been mailed by the respective receiving banks and should be received by subscribers without delay.

These allotment notices also include a personalised invitation to DSI’s first Constitutive General Assembly.  

The Offer shares were priced at Dh1 per share (plus an offering cost of Dh0.02 per share), with a minimum subscription set at 20,000 shares. The Offer was 101 times oversubscribed.

A total of 45,603 individual and institutional subscribers participated in the IPO from among UAE, GCC, and other foreign nationals.

In accordance with the terms of the Offer, each of the eligible UAE national subscribers in Tranche 1 will receive an allotment equal to approximately 31 per cent of the minimum subscription value of 20,000 shares.

The allocation related to subscribers in Tranche 2 and Tranche 3 of the Offering was based on a pro-rata apportionment of their total subscriptions in the IPO, resulting in an allocation of 0.751 per cent and 1.092 per cent for eligible subscribers in Tranche 2 and Tranche 3 respectively.

The receiving banks will complete the dispatch of allotment notices and refunds to all subscribers on July 30, 2008. Depending on each subscriber’s request, subscribers will be refunded either from the same account from which the funds originated or will receive a refund cheque attached to the allotment notice.

The allotment notice also includes a personalised invitation to each shareholder to attend Drake & Scull International’s first Constitutive General Assembly (CGA) which will be held on September 4, 2008 at the Bustan Rotana Hotel, Rashidiya Hall, Garhoud, Dubai. 

If a quorum is not achieved in the first CGA, the second and third CGAs shall be held on September 11 and 18, respectively at the same location. 

The invitation to the CGA will also be published in the local Arabic and English newspapers in mid August 2008.

Following the CGA, DSI will apply for its shares to be listed on the Dubai Financial Market. It is expected that the listing of DSI’s shares will take place during the fourth quarter of 2008. Al Mal Capital and HSBC Middle East are the Joint Lead Managers for the IPO. - TradeArabia News Service