The planned A$2.2bn (US$1.7bn) float of the National Mutual life company is virtually guaranteed success, with almost half the firm's policy-holders opting for scrip in National Mutual rather than a cash payout. Policy-holders will absorb at least 46% of the company's shares and a further one-third of the stock has been allocated for institutional buyers. At most, 20% of the stock will be available for sale to the general public.
--and Optus is also preparing to float
Optus Communications is planning to float during October 1996. The decision was made in mid-1996, after the largest local shareholder, Mayne Nickless, bowed to pressure from other shareholders to abandon plans to sell its 25% holding to a trade buyer. The A$4bn float is being co-managed by County NatWest and SBC Warburg.