Last updated:
4.1.2.3.1. Pricing
The pricing of the offering in case of a public offering, may be established together with the financial advisors during the preparation of the Information Document. The financial advisors together with the Company will define a fixed price for the bonds being offered according to valuation techniques described in section ‘4.1.3.2.1. Bond valuation’.
4.1.2.3.2. Placement of the Offering
The Information Document and the offer process are not directly subject to the legal rules applicable to Public Offers, being applicable the rules established in the Information Document itself.
From recent practical experience in Portugal, the information documents incorporates into the offer, in a simplified manner, rules regarding the term and acceptance of the offer, a summary information on the Company, the destination of the proceeds of the offer, as well as the risk factors of investing in the bonds offered, reproducing, in a very summarised form, the essential contents of a Prospectus, allowing investors to have access to the minimum information necessary to make an investment decision.
The CMVM does not assume any direct supervisory power over the Offer nor does it have the authority to approve the Information Document. However, the CMVM will become responsible for supervising the Company, the trading of the respective bonds in the market, and its distribution to Retail Investors, if any, once the offer has been completed and the bonds are trading on the MTF.
4.1.2.3.3. Allocation of bonds
The allocation of bonds to investors in an MTF also follows similar principles to those of the regulated market. The Company ensure, in consultation with the Placement Financial Intermediary(ies) a balanced treatment of all investors.
Recommended reading: 4.1.3.4. Allocation of bonds.
4.1.2.3.4. Assessment of Results, Settlement and Listing
At the end of the offer period, the results of the offering are assessed by the Company’s Placement Financial Intermediary(ies) or the stock market operator, which may also offer this service.
In case of a private placement, the issuance of bonds is subject to commercial registration, necessary for the issue of the bonds.
The settlement occurs with the payment to the Company of the proceeds of the offering vs. the delivery of bonds to the investors (made through the credit of their bonds accounts by the financial intermediaries through which the subscription orders were processed).
The bonds will only be effectively admitted to trading on the stock market following the settlement of transaction.
