Tullett Prebon Plc on Dec. 28 said it will issue 310,314,296 new shares to shareholders of NEX Group Plc, formerly ICAP Plc, in connection with Tullett Prebon's acquisition of NEX Group's global hybrid voice broking and information business.
NEX Group shareholders will receive approximately 0.467 new Tullett Prebon share for each NEX Group share held. The new shares will represent about 56% of Tullett Prebon's expanded share capital.
NEX Group will also carry out a reduction of capital, adjusting the nominal value of each of its shares to 10 pence from about 275 pence and then consolidating every 7 shares of 10 pence each into 4 shares of 17.5 pence each. The transaction will take effect Dec. 29.
The sale to Tullett Prebon and the entry to listing of the new Tullett Prebon shares are all expected to take place Dec. 30.
Tullett Prebon also changed its name to TP ICAP Plc, effective Dec. 28, and said its shares would begin trading under the TCAP ticker Dec. 29.