LHV to go public in May ({{commentsTotal}})

LHV Grupp will propose listing the company’s shares on the main list of the Tallinn stock exchange in May this year. The group’s share capital would increase by €2m.

LHV will issue two million new ordinary shares at a price of €6.95 per share. The nominal value of a share will be €1, the share premium €5.95, the company announced to the stock exchange.

As a result of the issue, the group's share capital would increase by €2m, conditionally amounting to €25.4m.

The subscription period is from May 2 to 16, but depending on the dynamics of the public offering, the management board will have the right to change, extend, or shorten the term to execute subscription rights.

The management board also proposed ruling out the possibility of the group's shareholders to exercise their pre-emptive right of subscription for this issue.

Member of LHV’s management board Erkki Raasuke said to ERR’s Vikerraadio on Tuesday that the shareholders were promised already years ago that the company would eventually go public. “There’s always been room for good business [at the stock market], and Estonia certainly isn’t a bad place to do business with financial services. On the contrary, Estonia has been a good place to build and run a business”, Raasuke added.

Talking about the company’s planned dividend policy, Raasuke said he hoped that the bank would be able to pay out a quarter of its pre-tax profits to the shareholders.

LHV’s going public will be the first extension of the Tallinn stock market’s main list since 2009.

Editor: Editor: Dario Cavegn

Source: BNS, Vikerraadio

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