- Issuer's Guide

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4.3.3 Delisting Costs

CMVM fees The applicant is charged with an amount of €7,500 by the CMVM for the voluntary request of delisting of its shares, regardless of whether it is granted or refused. Euronext fees Issuers must pay a delisting fee to delist (voluntarily or not) any class of its Equity Securities from a Euronext Market: ► […]
4.3.2 Exclusion from trading determined by the exchange

Exclusion from trading determined by the exchange Euronext may exclude from trading Securities listed on its markets at its own initiative, or upon CMVM request, in extreme situations foreseen in the law, namely failure to comply with listing rules or laws and regulations, considering the investors protection and market integrity. The decision of exclusion normally […]
4.3.1 Voluntary exclusion from trading

Introduction The reasons that support the decision of voluntary delisting are discretionary and will depend on the specific context of the Company. However, the most common rationale for voluntary delisting is the need to make room for profound reorganization of the Company (usually following a change in shareholder structure and/or control). In some rarer cases, […]
4.3.0 Introduction

Delisting is the process in which a stock is removed from the exchange listings. Delisting can be broadly classified as: ► Voluntary exclusion of trading – When initiated by the Company; or ► Exclusion of trading determined by the exchange – When the Company fails to comply with listing rules and such failure cannot be […]
4.2.4 SPO Costs

SPO Costs When comparing to an IPO, an SPO process represents less workload for all those involved in the operation and the Company incurs in less costs. The same type of costs that arise in an IPO also may arise in an SPO. Nonetheless, usually those costs are smaller in an SPO given the efforts […]
4.2.2 Preparation

Preemptive setup Internal decision-making process Capital Increase The launch of an SPO must be preceded by a Company´s resolution of share capital increase approved by the General Meeting, unless the Board of Directors is authorised by the company’s by-laws to resolve on share capital increases up to a limit therein foreseen. The Company’s resolution can […]
4.2.1 Planning

Introduction A company after its IPO can raise, with less effort, additional equity capital through a secondary public offering (SPO, follow-on offering) for the purpose of raising capital for new projects or for recapitalising the company. Similarly, to the IPO process, an SPO is developed in the same 3 phases as an IPO, namely Planning, […]
4.1.5 IPO Costs

Introduction Although it has undeniable advantages for the Company, the IPO process will involve costs that must be considered. The total direct cost of the operation varies greatly depending on the size of the fundraising, the market capitalisation of the Company, the context, and the choice of advisors. It comprises the fees due to the […]
4.1.4 Public Offer without Prospectus

Introduction As previously presented, Euronext offer three different markets for the admission to trading: the Regulated market – Euronext Lisbon – and two MTF markets – Euronext Access and Euronext Growth. It’s worth highlighting that the admission requisites and the obligations arising from the admission to trading on the MTFs are much less burdensome when […]
4.1.3 Offering and placement

Following the issuing of the Prospectus, which is published on both the regulators and the Company’s website, the public offer period begins and the order book to collect orders from the institutional investors opens. which normally takes between 2 and 3 weeks. Management roadshow The Management roadshow refers to a series of sales presentations pitched […]