(October 4 – 12:00ET) – Canada’s
oldest life insurer has announced
its IPO ambition – 26 million
shares. Upon successful
demututualization Canada Life
will become Canada Life
Financial Corporation.


The share price will be C$17 to
$19.50 per share, says Canada Life,
making the likely size of the IPO
$442 million to $507 million. Up to
15% of the issue is set aside to
cover over-allotment. The
underwriters will acquire the
additional shares.


For those Canada Life policy-
holders who elect to sell their
shares and receive cash, a
secondary offer of approximately
25 million share is anticipated,
says the company. An additional
treasury offering of approximately
1 million shares will be used to
pay for a portion of
demutualization expenses.


Presentations to potential
investors begin on October 7,
1999, and are expected to be
completed the week of October
25th. Nesbitt Burns Inc.,
Donaldson, Lufkin & Jenrette,
and Warburg Dillon Read are
leading the syndicate handling the
offering.


Shares are being offered in
Canada through a prospectus,
available from dealers retained
to assist in the distribution.
CLFC shares will be listed on the
Toronto and the Montreal Stock
Exchange with the ticker symbol
“CL.”

-IE Staff