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NEC Electronics Determined Issue Price of New Shares and Tentative Price Range for Book Building
KAWASAKI, Japan, June 30, 2003 -
NEC Electronics Corporation (President: Kaoru Tosaka, Code No. 6723) today announced that the board of directors determined today the issue price of shares, which the Company will newly issue, and a tentative price range for book building. The Company previously announced on June 16, 2003 that the board of directors approved to issue new shares but the details announced today were undecided at the time of the earlier announcement on June 16, 2003.
The issue price described below does not represent the offering price (which is the price to be determined after book building) or the purchase price (which is the amount to be paid by the underwriters to the Company).
1. Issue price
3,060 yen per share
However, if the purchase price is less than the issue price, the issue of new shares will be cancelled.
2. Portion of issue price which is not accounted as paid-in capital
1,530 yen per share
If the purchase price is higher than the issue price, the difference between the purchase price and the issue price will not be accounted as paid-in capital.
3. Tentative price range for offering price
3,600 yen to 4,200 yen per share
(Supplementary Information)
1. Number of shares to be issued or sold
1-1) Number of new shares to be issued: 23,500,000 shares of common stock
9,900,000 shares are to be offered in Japan and 13,600,000 shares are to be offered overseas. However, the final number of shares to be offered in Japan or overseas will be determined on July 14, 2003 taking into account the demand for the 23,500,000 shares.
1-2) Number of existing shares to be sold
a) 10,500,000 shares of common stock will be sold by NEC Corporation
b) Up to 3,000,000 shares of common stock may be sold as over-allotment(*) in the Japanese offering
2. Demand reporting period
July 2 (Wednesday) through July 11 (Friday), 2003
3. Price determination date
July 14, 2003 (Monday)
(The offering price (to be paid by investors for new shares) and sales price (to be paid by investors for existing shares), which shall be not less than the issue price, will be determined based upon the tentative price range after taking into account the market demand.)
4. Subscription period
July 15 (Tuesday) through July 18 (Friday), 2003
5. Payment date for the shares to be issued
July 23, 2003 (Wednesday)
6. Stock certificate delivery date
July 24, 2003 (Thursday)
7. Date from which dividends accrue
April 1, 2003 (Tuesday)
8. Reasons for the tentative price range
The tentative price range described above was determined based on factors such as the Company's business, the Company's financial results and condition, comparison with other public companies which are similar to the Company in business activities, opinions and demand forecasts of institutional buyers who are expected to have the ability to make a proper valuation, current condition of stock market, market valuation of recently listed stocks, and risk of price fluctuation until the listing date.
* Information concerning the sale of existing shares for the purpose of the over-allotment:
The sale of shares for the purpose of the over-allotment will be conducted by Daiwa Securities SMBC Co. Ltd., which will sell up to 3,000,000 shares of NEC Electronics common stock borrowed from NEC Corporation. The shares will be sold in the Japanese offering under the same terms as the offering of newly issued shares and the existing shares described above. This sale will reflect market demand in Japan for the new and existing shares. As the number of shares is an upper limit, the actual number of shares sold for the purpose of the over-allotment may be less than the upper limit, or none at all, depending on demand for NEC Electronics' shares.
***
This press release does not represent a solicitation to purchase securities in the U.S. issued by the company. The solicitation and sale of securities issued by the company are not permitted in the U.S., other than in cases where the securities have been registered under the U.S. Securities Act of 1933 or have been exempted from the registration requirement. An English-language prospectus will be prepared in cases where securities are to be offered in the U.S. The prospectus will contain detailed information on the issuing company and its management team, as well as financial statements. NEC Electronics has no intention of registering these securities for sale in the U.S.
Information in the press releases, including product prices and
specifications is current on the date of the press announcement,
but is subject to change without prior notice.
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