Softline expecting shares to begin trading on MOEX in late Sept, free float to be 10.7%-16.6%
MOSCOW. Aug 21 (Interfax) - Softline PJSC intends to submit a request to the Moscow Exchange for listing of its shares, with trading expected to begin in late September after the completion of the exchange of Noventiq Holdings Plc GDRs for the company's shares, Softline said in a statement.
The free float is expected to be between 10.7% and 16.6% when trading begins. The company's free float will include securities to be received by Noventiq GDR holders as part of the exchange, as well as shares received by Softline employees as part of a long-term incentive program. It is expected that the company's shares will be included in the quotation list of the Moscow Exchange.
Softline's largest shareholder, Atalaya LLC, will provide shares for the exchange and will begin accepting applications from investors for the exchange in the coming weeks after the Moscow Exchange approves the listing of the company's shares.
It is expected that the exchange will take place through the trading and settlement infrastructure of the Moscow Exchange, as well as via over-the-counter trading. According to the terms and conditions approved in July, the conversion of Noventiq GDRs into Softline shares will take place on a 1:3 basis. "Holders of Noventiq GDRs, who will take part in the exchange, subject to a number of conditions on a horizon of about 24 months after the exchange can receive up to three shares of Softline PJSC for one Noventiq GDR presented and accepted for exchange," the statement indicates.
"First of all, entering the public share market will allow Softline's largest shareholder, Atalaya LLC, to offer Noventiq GDR holders, whose receipts will be delisted from Russian stock exchanges in Q4 2023, to exchange these for Softline shares. The listing of Softline shares significantly improves the attractiveness of the exchange, as well as expands the circle of persons who will be able to participate in the exchange and simplifies its process," the statement cites Softline CEO Vladimir Lavrov as saying.
Furthermore, access to the exchange will provide the company with greater flexibility in choosing sources of financing in the future, including for financing new acquisitions and the implementation of large investment projects that ensure Softline's rapid growth," he said.
Softline PJSC is an IT solutions provider, the parent consolidating company for the Russian assets that were previously part of the global Softline Group Holding PLC. In the summer of 2022, Softline Holding split its business into Russian and international businesses. As a result of the separation, the Russian business with the holding company Softline JSC, owned by Atalaya LLC, became independent from the international entity.
The international business operates outside Russia under the new Noventiq brand. In July 2023, Noventiq applied for delisting of GDRs from the Moscow Exchange.