11.11.2019
On Friday, November 8, at an extraordinary general meeting, shareholders of Coop Pank approved a proposal to issue new shares during the initial public offering (IPO) and to submit them for public trading on the Tallinn Stock Exchange.
Coop Pank shareholders approved the proposal of the management board, according to which the bank wants to raise additional funds in the amount of 37 million euros during the IPO. 100 percent of the shareholders present at the meeting voted in favour of changing the articles of association of the bank, which is a prerequisite for the bank to enter the stock exchange. Those shareholders represent 98.2 percent of all shares of the company.
Further decisions required for the initial public offering will be made by the council of Coop Pank, which will set the price range for the shares and approve the issue schedule. Then, the Financial Supervision Authority is to approve the prospectus for the public offering, quoting and acceptance for trading. The bank will publish such a prospectus before the start of the subscription period. Last week, Coop Pank also submitted to the Nasdaq Tallinn Stock Exchange a conditional application for listing its shares on the main stock list.
Coop Pank plans to use the additional capital raised on the stock exchange to finance its development strategy. At the end of May of this year, the council of Coop Pank instructed the management board to commence preparations for the IPO. The goal was to perform the initial public offering of Coop Pank in the last quarter of 2019. Coop Pank selected LHV as its financial advisor for the upcoming IPO, Ellex Raidla law firm as its legal advisor, and Agenda PR as its communications advisor.