Pru plc: Seeking a dual primary listing and secondary listing
I'm having some's plans to seek a dual primary listing in Hong Kong and secondary listing in Singapore in addition to its London listing.
Pru have stated that there will be no new issue of shares but one of their motivations for the additional listings is to expand their shareholder base in Asia and hopefully improve their chances of shareholder approval for the acquisition of AIA.
This point about no new shares being issued has me confused. Does this mean some of the shares from its London listing will be transferred to Hong Kong or will it involve some unissued stock transaction? I've read reports that Pru is hoping to issue a prospectus on its proposed rights issue at some point in May -- does this not imply that it will be issuing new shares for potential investor subscription?
Also, how will the capital associated from the Hong Kong and Singapore listing appear on Pru's consolidated balance sheet?
Any help would be appreciated!