The shareholders’ meeting of the Latvian financial group AS DelfinGroup has approved the initial public offering (IPO) prospectus, which envisages the issuance of up to 8,395,000 new shares of the company.
The IPO prospectus will be submitted to the Financial and Capital Market Commission (FCMC) for approval.
The shareholders’ meeting also adopted a number of IPO-related decisions, including authorizing the Board to perform the necessary actions to make the initial public offering, list shares and start trading on the Nasdaq Riga regulated market (Baltic Official List), register the new version of the Articles of Association, sign agreements with Nasdaq Riga stock exchange and Nasdaq CSD SE depository, as well as to make decisions related to the implementation of share price stabilization.
“Currently, all technical and legal preparations for the approval of the company’s IPO prospectus by the FCMC have been fully completed. Once the regulator has evaluated and approved the IPO prospectus, we will announce the start of the IPO without delay. In total, we plan to attract new capital of up to 15 million euros in the IPO process. All the attracted capital will be used for the further growth of the company, as well as to reduce the company’s financing costs, ”comments Agris Evertovskis, Chairman of the Supervisory Board and Shareholder of AS DelfinGroup.
The shareholders of DelfinGroup also decided to strengthen the regularity and procedure for the payment of dividends specified in the company’s dividend policy.
The dividend policy provides for the payment of dividends on a quarterly basis, paying up to 50% of the quarterly profit in dividends (quarterly dividends). In addition, once a year after the approval of the annual report, there is a possibility to make additional dividends (annual dividends).
During the financial year, it is planned to pay at least 50% of the company’s consolidated profit to shareholders in dividends. Among other things, the shareholders approved the possibility to issue new bonds up to 10 million euros this year, as the bonds issued in 2016 will be redeemed this autumn. The issue of new bonds will provide an opportunity for existing bondholders to continue investing in DelfinGroup bonds.
In addition, the articles of association specified the conditions under which the board must coordinate the assumption of financial obligations with the council. The new wording stipulates that the board must coordinate the commitment of financial obligations over 100,000 euros.
In the summer of this year, AS DelfinGroup published the company’s long-term financial goals for 2024. By the end of 2024, the company plans to double its consolidated net loan portfolio, exceeding EUR 70 million.
By gradually increasing profitability, the company plans to achieve EBITDA of 17.6 million euros in 2024, as well as a pre-tax profit of 12.9 million euros.
In March of this year, AS DelfinGroup announced plans to conduct an initial public offering (IPO) of shares on the Nasdaq Riga stock exchange in the Baltic Official List in the second half of 2021.
The offer will be intended for private investors in Latvia, Estonia and Lithuania, as well as institutional investors from European Economic Area (EEA) countries. The financial advisors of the DelfinGroup IPO process are LHV Bank and Eversheds Sutherland Bitāns.
You can find out more about the planned IPO on the company’s website. The share capital of the company consists of 40,000,000 shares with a nominal value of 0.1 euros per share.
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Agris Evertovskis, Chairman of the Supervisory Board and shareholder of AS DelfinGroup.
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