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Pru revises Asian listings as Neptune plans revolt

Prudential is revising its plan to list on the Hong Kong and Singapore stock exchanges after the FSA delayed its proposed rights issue to finance its acquisition of AIA earlier this week due to concerns over capital.

In a note to the markets this afternoon, the firm says: “On May 5, Prudential announced that the pricing and launch of its rights issue to finance the combination with AIA Group Limited would be delayed.

“Prudential confirms that as a result of that delay all aspects of the timetable for the rights issue including the General Meeting and its introduction to listings on the Main Board of The Stock Exchange of Hong Kong Limited and secondary listing on the Singapore Exchange Securities Trading Limited will be revised.”

Meanwhile, the Daily Mail reported today that Neptune, which owns around £50m worth of Prudential shares, is trying to gather support for a vote of no-confidence in the insurer’s chief executive Tidjane Thiam.

The Mail says Neptune managing director Robin Geffen is furious that Thiam is putting Prudential’s future at risk by embarking on the deal and quotes him as saying: “I am trying to drum up support from institutions and all those discontented small shareholders who feel they have not been consulted by management.”

Last week, Prudential’s biggest shareholder Capital Group, which owns a 12 per cent stake, was reportedly looking to scupper the £23.5bn acquisition of AIA by seeking a break-up of the insurer.

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