The technology company’s offering runs until April 18th and has a share price of €4.85, representing a premium of 3.4% compared to Tuesday’s close.
The public acquisition offer (OPA) announced February 16 by Novabase will yield one-fifth of its share capital beginning Wednesday, March 29 and ending on April 18, this Tuesday, the technology company noted in the prospectus for the transaction published in CMVM.
The offering could have a maximum cost to Novabase of around €30.5m, with €4.85 per share considered, which translates to a premium of 3.41% compared to Tuesday’s closing price, when shares lost 1.26% to €4.69. .
This offer is partial and voluntary, and aims at a maximum number of 6,280,279 (six million, two hundred and eighty thousand, two hundred to seventy-nine) shares representing a maximum of 20% of the share capital of the offeror and the objective of the company, the procedures being fully executed, with all rights inherent and free from any encumbrance or encumbrance, may be subject to acceptance,” the prospectus discloses.
Novabase also explains that the purpose of the transaction is to “allow the shareholders of the offeror and the target company to sell, under equal conditions, a portion of the shares held by them, which will be extinguished with a corresponding reduction of capital.”
This is because, as the company points out, despite good results, the return to shareholders in 2022 was minus 13%. The board cited the context of uncertainty and delays in achieving set goals as justifications for approving the OPA, “which creates an additional reward opportunity for shareholders.”
On March 13, the general meeting of shareholders approved the reduction of the share capital from €32,971,463.70 to €942,041.82.
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