Subscription outcome of LHV Group share offering
02 June 2022 - 4:00PM
Subscription outcome of LHV Group share offering
Yesterday, on 1 June 2022, the public share offering of LHV
Group in the form of rights issue was concluded. All in all 11,694
investors participated in the subscription, subscribing in total
EUR 43.6 million worth to the offered new shares.
LHV Group offered investors 694,444 new ordinary shares with the
option to increase the number of the offer shares to up to 972,222.
The subscription period commenced on 18 May 2022, at 10.00 and
concluded on 1 June 2022, at 16.00. The price of one offer share
was EUR 36, of which EUR 1 was the nominal value and EUR 35 was the
share premium.
Due to over-subscription, the Supervisory Board of LHV Group
exercised its right to increase the volume of the offering to the
maximum allowable extent, whereas the share capital of LHV Group is
increased by EUR 972,222 and 972,222 new ordinary shares with the
nominal value of EUR 1 will be issued and allocated within the
offering. As a result of issuing new shares, the new nominal amount
of share capital of LHV Group will be EUR 31,542,453 after
registering the increase of the share capital in the Estonian
Commercial Register.
In accordance with the Secondary Offering, Listing and Admission
to Trading Prospectus registered by the Estonian Financial
Supervision and Resolution Authority on 16 May 2022 (the
Prospectus), the Supervisory Board of LHV Group resolved the
outcome of the offering, emission size and the allocation of the
offer shares pursuant to the following principles:
- all pre-emptive subscription rights and subscription orders of
the same subscriber were summed up;
- in case the investor subscribed to the offer shares through a
nominee account and the holder of the nominee account had disclosed
information requested in the Prospectus to the registrar of the
Estonian Register of Securities (ERS) and LHV Group, each such
investor subscribing via a nominee account was considered as an
independent investor during the allocation process (the nominee
account holder is responsible for the allocation of the offer
shares to the investor);
- all subscribers who owned, on 1 June 2022, as at the end of the
business day of the Nasdaq CSD settlement system (Day of Fixation),
the same number of pre-emptive subscription rights as the number of
offer shares that they subscribed to, were allocated the offer
shares that they subscribed to in full (Guaranteed
Allocation);
- within the Guaranteed Allocation, to 10,386
investors 563,194 offer shares were allocated, which
constitutes 57.9% of the total offer volume;
- all of the 6,319 subscribers who subscribed to more offer
shares than they had pre-emptive subscription rights as at the Day
of Fixation, were allocated the offer shares proportionally to the
number of offer shares subscribed to (as far as was mathematically
possible), but not more than the number of offered shares the
person subscribed to (Additional Allocation);
- within the Additional Allocation, the minimum threshold of 100
offer shares subscribed to was set, below which corresponding
subscription undertakings were fulfilled in full amount.
Subscriptions exceeding this treashold were fulfilled to the extent
of 50.7%;
- within the Additional Allocation, 409,028 offer shares were
allocated considering the above, which constitutes 42.1% of the
total offer volume;
- the remaining subscription undertakings to 239,857 offer
shares, which could not be allocated within the Guaranteed
Distribution and Additional Distribution in accordance with the
above principles and which exceeded the maximum number of ordinary
shares to be issued under the offer, i.e., 972,222, were
cancelled.
"Confidence in LHV's plans and activities is strong. Our
offering was oversubscribed 1.75 times. It is gratifying that the
emission turned out to be attractive to both existing and new
investors. We had taken into account that the subscription period
would take place in a tense environment and against the background
of declining stock markets. I would like to thank investors for
their trust - all in all, this is a worthwhile result that will
allow LHV to capitalize the new bank to be established in the UK
and also increase the group's capital buffers," Madis Toomsalu, CEO
of LHV Group commented.
New shares are expected to be transferred to the securities
accounts of investors on or about 3 June 2022 (during the
settlement, new shares will bear a temporary ISIN code). New shares
will be listed and trading with these on the main list of the
Nasdaq Tallinn Stock Exchange is expected to commence on or about
14 June 2022, after increasing of the share capital of LHV has been
registered in the Estonian Commercial Register and ERS.
LHV Group is the largest domestic financial group and capital
provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV
Varahaldus, and LHV Kindlustus. The Group employs more than 740
people. As of April, LHV’s banking services are being used by
342,000 clients, the pension funds managed by LHV have 135,000
active clients, and LHV Kindlustus provides insurance protection to
a total of 148,000 clients. LHV’s UK branch offers banking
infrastructure to 200 international financial services companies,
via which LHV’s payment services reach clients around the
world.
Priit Rum LHV Communication Manager Phone: +372 502 0786Email:
priit.rum@lhv.ee
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