Grupo Ferrovial announces it is to go public

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Grupo Ferrovial announces it is to go public

The Annual General Meeting of Grupo Ferrovial, S. A., held on the 23rd February, 1999, has decided to apply to the National Stock Exchange Commission (CNMV) for the companys shares to be listed on the Stock Exchange and for a Public Offering of Shares (POS) to take place. The Annual General Meeting has also studied the possibility of launching a Public Offer for Subscription of newly issued Shares (POSS), a final decision on which is to be adopted at a subsequent meeting.

With these two offers, it is hoped that up to 45% Grupo Ferrovials share capital will be floated.

General terms of the transaction

The POS will include between 30 and 35% of the share capital of Grupo Ferrovial, to be distributed in the following tranches and percentages:

Retail tranche 40%
Institutional national tranche 20%
International tranche 40%

Within the retail tranche, a specific subtranche for employees has been contemplated which will aggregate circa 1% of the total POS, thus allowing the employees to enjoy more favourable pro rata calculation terms in case of excessive demand.

Simultaneously, the share capital will be increased via a Public Offer for Subscription of Shares (POSS), for an amount not exceeding 50 billion pesetas.

Ferrovial has appointed BBV Interactivos and Morgan Stanley Dean Witter as Global Co-ordinators of the Public Offering of Shares (POS). In this process, the firm AB Asesores acts as financial consultant to Ferrovial.

It is planned that Ferrovials shares will be listed on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges.

Reasons for and objectives of going public

The continuity of the policy of investing in businesses with a strong growth potential has been decisive in Ferrovials decision to be quoted and thus to have the possibility of using sources of funding with which to continue undertaking new projects.

In the last few years, Ferrovials activities have experienced a very significant increase, placing the company among the leading groups in the national construction market, with an outstanding presence in other sectors of activity.

This strategy has demanded substantial investment, which last year already aggregated 107 billion pesetas, a record figure in the companys history.

In this new stage, Ferrovial will continue striving to establish a corporate management system adapted to the most modern practices and endowed with the greatest degree of transparency.


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