BITTNET SYSTEMS S.A. (referred to as “the Company” / “Issuer”) informs the investors and interested parties about the Decision of the Issuer’s Board of Directors regarding the conduct an initial public offering of corporate, unsecured, bonds issued in RON . Thus, a maximum number of 50,000 bonds will be offered for sell, with a face value of 100 RON/bond, respectively a total nominal value of RON 5,000,000.
The main coordinates of the instrument:
- fixed annual interest: 10%, payable quarterly through Central Depository;
- face value: RON 100;
- maturity: 4 years;
- minimum subscription: 10 bonds
Investors will be able to issue buy orders in the price range of: RON 96 – RON 104 per bond (respectively between 96% and 104% of the nominal value of the instrument), similar to the price discovery mechanism for Initial Public Offerings of shares (IPO).
At the end of the public offer (after 15 days), the Issuer will establish (fix) the sale price, according to the interval mentioned above. Subscription orders placed at a price higher than the fixed price (or at the fixed price) will be accepted, while subscription orders below the fixed price will be invalidated. All accepted subscriptions will be validated at the same price (fixed price) so that all investors will buy the bonds from the Issuer at a single price.
The prospectus related to this Public Offer, consisting of separate documents, will be submitted for approval, in the following period, to the Financial Supervision Authority, and the Public Offer will start after receiving the approval from the FSA. The offer is intermedieted by SSIF BRK Financial Group SA.
Below is the Decision of the Board of Directors regarding the approval of the present market operation: