(Tiper Stock Exchange) – Italian Stock Exchange ordered the admission to listing of the ordinary shares and warrants TMP Group on the Euronext Growth Milan market – a multilateral trading system organized and managed by Borsa Italiana dedicated to small and medium-sized enterprises with high growth potential – managed and organized by Borsa Italiana.
The Italian tech-media company specialized in the design and development of communication, advertising and digital marketing strategies, hybrid events and contents, characterized by a high technological profile, has successfully completed the placement of its own ordinary shareswhich generated a total demand, received from leading qualified and non-qualified Italian and foreign investors, equal to approximately Euro 11 million, with total funding equal to Euro 4.7 million (including the over allotment option of Euro 0 .6 million) against a demand approximately 2.5 times higher than the offer, net of the quota reserved for anchor investors.
The admission took place following a private placement aimed at qualified and non-qualified investors, Italian and foreign, of total no. 470,000 ordinary shares for a total value of approximately Euro 4.7 million, of which: 410,000 newly issued shares; and 60,000 shares (corresponding to approximately 15% of the shares subject to the offer) deriving from the exercise of the over-allotment option, granted to the Global Coordinator Banca Profilo SpA
L’start of negotiations of the aforementioned financial instruments is fixed for on February 2, 2023.
The ordinary shares have been assigned the following ISIN code (International Security Identification Number) IT0005531238, while the ticker assigned to the ordinary shares is TMP. ISIN code of the warrants is IT0005531253, while the ticker is WTMP25.
The placement price of the shares involved in the offer was set at Euro 10 each, with an overall capitalization of the Company expected at the start date of trading of approximately Euro 14.7 million and a free float expected of approximately 25.53% (free float of 28.57% in the event of full exercise of the greenshoe option). Following the placement, the share capital of TMP Group will consist of 1,470,000 shares.
The transaction also envisaged the free issue of 235,000 Warrants “Warrant TMP Group 2023-2025” in the ratio of 1 Warrant for every 2 Shares, in favor of all those who subscribed for the Shares as part of the placement (including those in “over-allocation”) and a further 1,705,000 Warrants issued and assigned free of charge to the holders of Shares on the date of approval of the 2022 financial statements by the ordinary shareholders’ meeting. The regulation of the Warrants envisages a strike-price that increases with respect to the placement price by 10% in the first exercise period (October 2-31, 2023); at a rate of 15% in the second exercise period (1-31 October 2024) and 20% in the third exercise period (1-31 October 2025). The exchange ratio is established in one conversion share for each Warrant exercised.
“We are very satisfied with the success of the listing operation at Euronext Growth Milan: in such a delicate moment for the market, the extremely positive conclusion of the fundraising testifies to the appreciation on the part of investors of our project and business model – he commented Roberto Rosati, CEO of TMP Group -. Listing on the Stock Exchange is a unique milestone for us and for our entire team: it is the event that celebrates the talent and passion that we dedicate every day to each of our projects. But none of this would have been possible without the trust of our customers who have shown in recent years that they believe in and support our path and our vision”.
In the listing process TMP Group is assisted by Banca Profilo SpA, as Euronext Growth Advisor, Global Coordinator and Specialist, by Grimaldi Studio Legale as Legal Advisor and Tax Advisor, by EY SpA as Independent Auditors, by Studio Dott. Crociato Gaspare as Consultant for labor law and social security aspects, by Epyon Audit Srl as Consultant for non-accounting data, by RSM Italy as KID Advisor and by TWIN Srl as Company Consultant on Communication financial.