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Avantium announces partial exercise of over-allotment option bringing the gross proceeds of its Initial Public Offering to €109 million
Amsterdam, the Netherlands 13 April 2017 – Avantium N.V. (“Avantium” or “the Company”), a leading chemical technology company and forerunner in renewable chemistry, today announces that the Joint Global Coordinators, on behalf of the underwriters, have partially exercised the over-allotment option bringing the gross proceeds of its Initial Public Offering to €109 million.
As part of the initial public offering of Avantium on Euronext Amsterdam and Brussels (the “IPO” or the “Offering”) and as set forth in the prospectus dated 3 March 2017, the Company had granted an over-allotment option (the “Over-Allotment Option”) to the underwriting banks of up to 1,402,971 new shares in the capital of Avantium (the “Over-Allotment Shares”).
The Joint Global Coordinators have notified the Company that the Over-Allotment Option has been partially exercised. In total 519,794 Over-Allotment Shares will be issued by Avantium resulting in a total gross Over-Allotment Option proceeds of €5.7 million and increasing the final size of the Offering to 9,921,587 shares and the total gross proceeds of the Offering to €109 million. Issuance of the Over-Allotment Shares is expected to occur on 19 April 2017. Following the issuance of Over-Allotment Shares Avantium’s issued share capital shall comprise 25,764,466 ordinary shares with a nominal value of €0.10 each (ISIN NL0012047823).
For more information about Avantium and the Offering reference is made to the prospectus dated 3 March 2017. The prospectus is available electronically via the Avantium website (www.avantium.com), the website of the AFM (www.afm.nl), for Dutch and Belgian citizens only or via the website of Euronext Amsterdam (www.euronext.com).
Stabilisation purchases began on 20 March 2017 and the last stabilisation purchase took place on 13 April 2017. Avantium has been informed by ING Bank N.V. acting as the stabilisation agent in connection to Avantium’s IPO, that ING Bank N.V. has undertaken stabilisation purchases since the previous announcements on 27 March 2017 and 5 April 2017 as follows:
|Date||Quantity of purchased ordinary shares||Number of transactions||Average purchase price|
The stabilisation purchases were all executed on Euronext Amsterdam. The table above sets out the stabilisation transactions carried out since 5 April 2017.
Avantium has entered into a liquidity agreement (the “Liquidity Agreement”) with Kepler Cheuvreux S.A. (“Kepler Cheuvreux”). Pursuant to the Liquidity Agreement, Kepler Cheuvreux will provide market liquidity for Avantium shares (the “Shares”), by giving buy and sale orders on Euronext Amsterdam for Avantium’s account and risk. The purpose of this arrangement is to foster liquidity and regular trading of the Shares and to avoid price swings that are not justified by market trends. Kepler Cheuvreux shall operate fully independent from Avantium.
The Liquidity Agreement is effective as of 14 April 2017 until 31 December 2017 and is renewed for successive periods of 12 months unless it is terminated by either party. The Liquidity Agreement complies with applicable laws and regulations, including the Regulation on Accepted Market Practices Wft (Regeling gebruikelijke marktpraktijken Wft).
For more information about this press release please contact:
Citigate First Financial, Uneke Dekkers / Claire Verhagen
Phone: +31(0)20 575 4010 / +31 (0)6 50516325
Email: Uneke.Dekkers@citigateff.nl / Claire.Verhagen@citigateff.nl
Avantium is a leading chemical technology company and a forerunner in renewable chemistry. Together with its partners around the world, Avantium develops efficient processes and sustainable products made from biobased materials. Avantium offers a breeding ground for revolutionary renewable chemistry solutions. From invention to commercially viable production processes. One of Avantium’s many success stories is the YXY technology to produce PEF: a completely new, high-quality plastic made from plant-based industrial sugars. PEF is 100% recyclable. It offers a cost-effective solution for applications ranging from bottles to packaging film and fibres, positioning it to become the next generation packaging material.
The YXY technology is the most advanced technology, and Avantium is also working on a host of other ground-breaking projects and is providing advanced catalysis research services and systems to companies in the chemical, refinery and energy sector. Avantium employs 90 people and the YXY Technology team, employed by the Joint Venture, comprises 50 people from around the world.
This translates into cultural diverse teams representing over eighteen nationalities. Over 35% of these people hold a PhD degree. Avantium’s offices and headquarters are based in Amsterdam, the Netherlands.
IMPORTANT LEGAL INFORMATION
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction.
This announcement is not for release or distribution or publication in whole or in part, directly or indirectly, in or into the United States, Australia, Canada or Japan. This announcement is not a prospectus and does not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States, Canada, Australia, Japan or any other jurisdiction. These materials are not an offer for sale of securities.