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3.3.4. Delisting Costs
Euronext fees Companies must pay a delisting fee to delist (voluntarily or not) any class of its shares from a Euronext Market: Redemption or cancellation of shares Cancellation means any annulment or reduction of the quantity of held in the issuing account. The fee due for the redemption or cancellation of shares is charged immediately […]
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3.3.3. Exclusion from trading determined by the Stock Market Operator
Euronext may exclude the Company´s shares 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 investor protection and market integrity. The decision of exclusion normally will be preceded by several interactions between the […]
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3.3.2. Exclusion of trading further to a squeeze-out
In the event that, further to a takeover bid of a Company with shares admitted to trading on a regulated market in Portugal, the offeror acquires 90% or more of the voting rights in such company, the law establishes its right to acquire the remaining shares, implementing a squeeze-out procedure. This squeeze-out right shall be […]
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3.3.1. Voluntary exclusion from trading
Delisting is the process in which the Company´s shares are removed from the exchange listings. Delisting can be broadly classified as: Just as an IPO may be a natural step in the lifecycle of a Company, under occasional circumstances delisting may also be a rational choice at a certain stage of companies’ life. Being listed […]
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3.2.4. SPO Costs
When comparing to an IPO, an SPO will be a less demanding process for all 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 […]
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3.2.3. Offering and Placement
In a rights issue, the offering and placement begin following the disclosure of the Prospectus and the release of the notice for the exercise of subscription rights of the new shares to be issued. The offering period normally takes 2 to 3 weeks, considering the period of no less than 15 days that is legally […]
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3.2.2. Preparation
3.2.2.1. Setup 3.2.2.1.1. 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 […]
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3.2.1. Planning
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, Preparation […]
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3.1.3. IPO Costs
Although it has significant 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. The direct costs comprise the fees due to […]
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3.1.2.3. Offering and placement
3.1.2.3.1. Management Roadshow The Management roadshow refers to a series of sales presentations pitched by the Company’s Management together with the Financial Advisor(s) and Placement Financial Intermediary(ies) to a wide range of potential Institutional Investors, allowing them to have a closer contact with the Company and, ultimately, to lead them to participate in the IPO. […]
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