Adama Launches Initial Public Offering
November 10, 2014 ADAMA Agricultural Solutions Ltd., an off-patent crop protection solutions company, today announced the commencement of marketing of the initial public offering (IPO) of its ordinary shares, which are expected to be listed on the New York Stock Exchange (“NYSE”).
Adama plans to offer 23,500,000 ordinary shares (post reverse split announced today), and to grant the underwriters an option to purchase up to an additional 3,525,000 ordinary shares. Upon completion of the IPO, Adama will have a total of 161,490,881 (or 165,015,881 ordinary shares upon full exercise of the underwriters option). The IPO price currently is expected to be between $16.00 and $18.00 per share and the shares are expected to trade on the NYSE under the symbol “ADAM.”
Adama intends to use the net proceeds from the offering to finance its recently announced acquisition of the China Business from ChemChina, and will use any remaining net proceeds for general corporate purposes.
Goldman, Sachs & Co. and BofA Merrill Lynch are acting as the lead book-running managers for the initial public offering. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, when available, may be obtained from: Goldman, Sachs & Co., via telephone: (866) 471-2526; facsimile: (212) 902-9316; email: [email protected]; or standard mail at Goldman, Sachs & Co., Attn.: Prospectus Department, 200 West St., New York, NY, 10282; or BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or by emailing [email protected].
The offering of ordinary shares by Adama will be made only by means of a prospectus. A registration statement relating to these securities has been filed but has not yet become effective, and the ordinary shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the ordinary shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state or jurisdiction.
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