Kathmandu Float Will Proceed

Well the rumors are true – the Kathmandu float is on.  Shares in the retailer are set to list on both the Australian Stock Exchange and the New Zealand Stock Exchange before Christmas.

The company is seeking to raise up to 375 million dollars through the sale of up to nearly 200 million shares at between $1.65 and $1.90 (Australian dollars that is) per share.  The proceeds will go to the current owners who are selling down their holding and also to pay down debt.

For those unfamiliar with Kathmandu’s operations, it operates a chain of stores selling outdoor goods and clothing.  It was established 1987 and has since grown to have a total of 91 stores across Australia, New Zealand and the UK.

The Kathmandu share offer opens on October 27th and closes on November 6th.  Shares are expected to begin trading on a deferred settlement basis on November 13th.

Myer Float To Go Ahead

Shares in Myer are set to be offered to the public again after an absence for the Australian Stock Exchange of over 3 years.

The private equity consortium which took the retailer private is looking to realize its investment. This is after considerable restructuring and asset sales.

Unfortunately, I don’t have any of the specifics of the deal yet, however word is that a prospectus is due to be lodged with ASIC at the end of September. I don’t know any of the pricing details, the amount to be raised or how the shares will be allocated. However, loyalty card holders and staff members can apparently preregister their interest in the Myer float in order to be sent out a copy of the prospectus when available.

With the recent strength of the Australian stock market, I’m sure Myer’s current owners will be very keen to get the sale out of the way as soon as possible. The last thing they’ll want is for the market to tank now…