During the public offering held from 8 to 19 December 2017, investors subscribed for the bonds of online trading provider Admiral Markets AS in the amount of €1,826,800. In total 306 investors participated in the bond issue and the average subscription was €5,970.
The company approved the allocation of the bonds today and in total 18,268 bonds will be transferred to investors’ securities accounts on 28 December 2017. Admiral Markets AS will go ahead with the listing procedure of the bonds on Nasdaq Tallinn stock exchange.
“Admiral Markets is very thankful to all investors who have faith in the company and participated in the offering. We met our target in terms of retail investors and got positive feedback from several institutional investors, who still would have needed more time for deciding about the subscription. Especially when Admiral Markets and its field of financial services are unique in the Baltic market”, said Sergei Bogatenkov, Member of the Management Board of Admiral Markets AS.
As Nasdaq Tallinn stock exchange has started the procedure of listing the bonds of Admiral Markets AS on the Baltic Bond List, the company resumes the procedure of having the bonds listed in the first quarter of 2018. “We regard the bond issue as a positive experience in our journey to become a public and open company and encourage other companies who have been considering bond issue or IPO”, Bogatenkov said.
Bogatenkov said that some investors asked if Admiral Markets is prepared for possible regulatory measures that could be for 2018 suggested by the European Securities and Markets Authority (ESMA), including in relation to CFDs. “Admiral Markets has always considered carefully risks related to regulatory changes in our industry. We fully support the underlying thinking behind the proposals and will work towards improving standards within the regulatory framework”.
The €5m issue of subordinated bonds was targeted both to institutional and retail investors in the Baltics. In total, Admiral Markets AS offered 50,000 bonds for a price of €100 per bond, with an interest rate of 8% per annum and interest payouts two times per year. The maturity date of the bonds is 28 December 2027, on which the issuer shall redeem all the bonds.
The issue of bonds was advised by law firm TGS Baltic as the legal advisers.
For further information about the bond issue please visit the dedicated webpage:
For additional information:
Admiral Markets AS
Please note that the announcement should not be considered as investment advice, consultancy or other ancillary service. Before making the investment decision, Admiral Markets AS recommends you to consult with advisers.