The public offering of Noval Property (subsidiary of the Viohalco Group) shares will take place from May 29 to May 31, while the binding price range will be announced on May 28.
The company announced the approval of the prospectus by the Capital Market Commission and is now entering the final stretch for its listing on the Athens Stock Exchange, aiming to raise 52 million euros.
The maximum sale price of the new shares was set by the board of directors at 2.82 per share. This price is reduced by 29.1% (discount) in relation to the internal accounting value of the company on December 31, 2023 (427.4 million or 3.98 euros per share).
The company will issue up to 17,388,025 new, common, registered voting shares with a nominal value of 2.50 euros each.
They will be made available through a public offering to the investment public in Greece.
The Convertible Bond Loan (CDO) between the European Bank for Reconstruction and Development (EBRD) and Noval becomes compulsorily convertible into shares. The new shares resulting from the conversion and which will be taken over in their entirety by the EBRD will not be included in the public offer, but only in the listing and will be counted for the calculation of the dispersion.
It is noted that Viohalco directly or indirectly controls 81% of the share capital of Noval, which has a portfolio with a total fair value of 582.6 million (including financial leases and holdings). After the capital increase, its direct percentage will stand at 61.83%.
Noval’s investment program amounts to 340 million euros until 2030, with 82% of the amount related to properties it owns.
Noval’s largest planned investment, amounting to 169 million euros, concerns the reconstruction of Viohalco’s old industrial facilities (area 106,000 m2) at Piraeus Street. It is a mixed project with offices, hotel, residences, sports facilities and cultural spaces which will be completed in 2028.
It is noted that the annual general meeting of the company’s shareholders will take place after the company’s listing on the ASE and therefore the new shareholders will also benefit from the dividend that will be distributed for 2023.
