The Myer family has decided to retain just over one per cent of Myer Holdings Ltd after the department store chain is floated in November.
The Myer Family Company Pty Ltd will retain 6.5 million shares in Myer Holdings, about 20 per cent of the current 41.8 million shares it already holds through subsidiary MF Custodians Ltd, the Melbourne-based family company said in a statement on Thursday.
Myer will have between 564.8 million and 585 million shares on issue after listing on the Australian Securities Exchange, meaning the Myer Family will hold between 1.15 and 1.11 per cent of the company.
The company plans to sell the shares for an initial price of between $3.90 and $4.90.
Under the Myer Holdings prospectus lodged last month, the Myer family had indicated it would retain between zero and 8.4 million shares, depending on the outcome of an institutional bookbuild.
The Myer Family company also holds a 33 per cent interest in Myer Holdings' flagship store in Melbourne.
The retail offer opened on October 6 and will close on October 23, ahead of the opening of the institutional offer on October 28.
The final price of the shares and allocations will be revealed on October.
The stock is expected to begin trading on the exchange on November 2.
© 2009 AAP
