| Doncasters PLC | |||
| Ticker: | DCS | 28-30 Derby Road, Melbourne | |
| Exchange: | New York Stock Exchange | Derbyshire, UK DE73 1FE | |
| Industry: | Manufacturing (SIC Code 3399) | ||
| Type of Shares: | American Depositary Receipts | Filing Date: | 12/16/96 | |
| U.S. Shares: | 5,600,000 | Offer Date: | 1/29/97 | |
| Non-U.S. Shares: | 2,400,000 | Filing Range: | $13.00 - $16.50 | |
| Primary Shares: | 0 | Offer Price: | $16.50 | |
| Secondary Shares: | 8,000,000 | Gross Spread: | $1.15 | |
| Offering Amount: | $118,000,000 | Selling: | $0.69 | |
| Expenses: | $2,078,280 | Reallowance: | $0.10 | |
| Shares Out After: | 8,000,000 | |||
| Spin out parent firm: | Inco Ltd. | |||
| Manager | Tier | Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Schroder Wertheim & Company, Incorporated | Co-manager | (212) 492-6900 |
| Issuer's Law Firm: | Sullivan & Cromwell |
| Bank's Law Firm: | Cleary, Gottlieb, Steen & Hamilton |
| Auditor: | Price Waterhouse |
| Registrar/Transfer Agent: | Bank of New York |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/96 | |||
| Revenue: | $163.87 | $140.40 | Assets: | $137.50 | |
| Net Income: | $1.62 | $8.74 | Curr Assets: | ||
| EPS: | $0.86 | $1.10 | Liabilities: | $52.44 | |
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | Equity: | $85.06 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company manufactures specialty metals and alloys mainly for the aerospace and industrial turbine industries. The company produces precision-engineered parts, subassemblies and modules to its customers' specifications in a wide range of specialty metals and alloys. The company believes that it is one of the world's leading suppliers of forged and machined airfoils and engine rings and casings found in jet and turbo-prop aircraft engines and industrial gas and steam turbines. the company also fabricates other parts for both engine and airframe applications. The company works closely with its customers from initial design and, applying its expertise in metals and manufacturing processes, undertakes all phases of production. The company employs well-established methods of metalworking, including forging, ring-rolling and precision casting, as well as advanced methods of metalworking, including electrochemical machining, hydrobulging, superplastic forming and diffusion bonding and electroforming. |
| Competition |
| The company faces significant competition in most of the markets in which it participates. Competitive advantages are afforded to those with high quality products, low cost manufacturing, excellent customer services and engineering and production expertise. The company's principal competitors for the manufacture of airfoils are the engine manufacturers themselves. the company's major customers, including Rolls Royce, General Electric and Pratt & Whitney, have made significant investments in the manufacture of airfoils. |
| Business Plan |
| The company seeks to increase its net sales and improve its profitability through a strategic plan designed to 1) enhance customer relationships; 2) enter new markets through the development of new applications for its existing technologies; 3) introduce new technologies; 4) improve operational efficiency and 5) make selective acquisitions. |
| Use of Proceeds |
| The proceeds from the proposed offering will be distributed to the selling shareholder. |