This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Genworth Announces Filing Of Prospectus For Australian Initial Public Offering

RICHMOND, Va., April 22, 2014 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) announced that a prospectus has been filed with the Australian Securities and Investments Commission by Genworth Mortgage Insurance Australia Limited ("Genworth Australia"), a holding company for Genworth's Australian mortgage insurance business, for an initial public offering of up to 40 percent of Genworth Australia's ordinary shares by Genworth Australia.

The net proceeds of the offering (if completed) will be used by Genworth Australia to repay certain intercompany funding arrangements with subsidiaries of Genworth Financial and those funds will then be distributed to Genworth.  Assuming the offering is completed, the gross proceeds of the offering (before payment of fees and expenses) are projected to be between approximately US$400 million and US$700 million, based on the total number of ordinary shares offered (i.e., 30-40% of Genworth Australia's outstanding ordinary shares) and the indicative price range, in each case contained in the prospectus filed today, and on an assumed exchange rate of 0.92 for the Australian dollar, assuming no ordinary shares are designated as "over-allocation shares" and reacquired by Genworth Financial entities as a result of market stabilization activities.  Fees and expenses in connection with the offering are currently estimated to range from approximately US$23 million to US$32 million, using the same assumed exchange rate.

The completion of the offering is subject to market conditions and valuation considerations including business performance in Australia, and the amount of the net proceeds to be received by Genworth Australia and Genworth Financial depends on, among other things, the number of shares issued in the offering, the final offering price, the number of ordinary shares designated as over-allocation shares and reacquired by Genworth Financial entities as a result of market stabilization activities (if any), and the amount of commissions and expenses of the offering.

Genworth Financial has reserved its right to determine the number of ordinary shares to be issued in the offering, the final offering price and the number of shares to be designated as over-allocation shares, if any, and has also reserved its right to elect to not proceed with the offering.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,131.86 +47.37 0.28%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,838.6430 +8.1730 0.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs