Myer Share Offer opens to retail investors today

Tuesday October 6, 2009

Myer share offer has officially opened today to retail investors in what has become one of the most eagerly anticipated initial public offerings in recent years. The Myer share offer is offering in total 479.3 million to 499.5 million of existing and new shares between $3.90 and $4.90 with the share offer closing on the 23rd October 2009 with the company planning to begin trading on the Australian Securities Exchange on November 2.

The Myer shares will be offered evenly between both retail and institutional investors with institutional investors able to access the Myer share offer on the 28th October 2009. Myer will be mailing a final copy of the Myer prospectus to all investors today.

Retail investors will come from those who hold a Myer One card with more entitlements and benefits available to those who hold a higher spending limit. Due to this clause of only Myer One cardholders being eligible for the Myer share offer, Myer has reported that applications for membership have skyrocket with over 11,200 new members joining just last week since the announcement of the Myer share offer.

According to Myer, this is more than double than the usual number of average weekly sign ups. Currently there are both gold and silver memberships available, with Myer reporting 21,500 gold members (who are entitled to a maximum $25,000 of shares) and 487,000 silver members (who are entitled to up to $5000 of stock) out of the 3.2 million cardholders. However, it is important to note that general Myer cardholders are not guaranteed to receive any shares in the Myer share offer.

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