Grupo Ferrovial begins Public Sale Offer on the 19th April

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Grupo Ferrovial begins Public Sale Offer on the 19th April

Grupo Ferrovial will begin the Public Sale Offer of shares on the 19th April. The National Securities Market Commission (CNMV) has cleared the way for placing shares after verifying the Information Brochure on the Public Sale Offer today.

The initial number of shares offered is 42,901,892, which represents 31.50% of the share capital of Grupo Ferrovial, after the capital increase that is the object of the Public Offer for Subscription of 8,512,280 shares, which represent 6.25% of the Companys equity capital. The Public Offering may be increased up to a maximum of 45,384,168 shares (up to 34.06% of the capital stock after the increase) after the purchase option that Grupo Ferrovial plans to extend to the Global Co-ordinating Companies, representing the Institutional Tranche Underwriting Companies.

Between 3,452 and 3,818 pesetas per share

Grupo Ferrovial has fixed a non-binding Price Range of between 3,452 pesetas (20.75 Euros) and 3,818 pesetas (22.95 Euros) per share. The Maximum Purchase/Subscription Price per share will be fixed on the 26th April, 1999.

The Price Range, determined by the Company, involves assigning Grupo Ferrovial a market capitalisation or total market value of its shares of between 470,000 million pesetas (2,825 million Euros) and 520,000 million pesetas (3,125 million Euros), approximately, after the capital increase.

The real value of the Public Offer for Sale and Subscription together, taking the average price of the non-binding Price Range comes to 169,000 million pesetas (1,014 million Euros).

Placement calendar

The calendar designed for the retail tranche fixes the period for placing Purchase/Subscription Orders between the 19th April and 26th April, 1999 both inclusive and a cancellation period for these orders between the 19th April and 29th April. The Purchase/Subscription Orders may be placed for a minimum amount of 200,000 pesetas (1,202.02 Euros) and a maximum of 10,000,000 pesetas (60,101.12 Euros).

The Maximum Offer Price will be fixed on the 16th April, and one day after and until the 30th April, the Public Offer period will begin, with the placement and receipt of the Purchase/Subscription applications.

Between the 30th April and 3rd May, the allocation and, in the event, the pro-rata assignment of the shares to the Retail tranche will be done. The Pricing of the Offer and the issue premium of the capital increase will take place on the 3rd May.

On the 4th May, the share allocation will take place. Following this, the listing on the Madrid, Barcelona, Bilbao, and Valencia Stock Exchanges will be requested.

Pro-rata assignment conditions

Purchase/Subscription Orders placed between the 19th and the 23rd April will receive preferential allocation conditions, in such a way that 100 shares or the lowest quantity requested, in the case of orders of less than 100 shares, will be allocated first.


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