Gemplus cuts price for delayed float

NEWS The deadline for the flotation and retail offer of shares has been pushed back from today until Wednesday 6 December. The opening price has dropped from up to E8.25 (£5.06) to E6.25 (£3.85) at the top level. In a statement the company said: "The revision of the price range is directly linked to the unfavourable market conditions since the start of the operation, in particular the recent drop in the Nasdaq." Marc Lassus, founder and chairman at Gemplus, told French newspaper La Tribune the company will be looking towards the market to fund future growth. He claimed Gemplus has in the past been criticised for having E700m (£430m) in cash and not raising more funds on the market.