One of the most important services which Virtus Capital is able to offer is the ability to organize the listing of a Greek or a foreign company in New Market (N.E.A.) of the Cyprus Stock Exchange (C.S.E.), with exceptionally quick procedures and significantly low cost.
N.E.A. market, is a Multilateral Trading Facility and operates according to the Regulatory Decisions defined by C.S.E. .
Conditions for Import in New Market of the C.S.E.
• The applicant company undertakes the obligation to prepare audited accounts, in order to prove that it has been functioning regularly and had similar activities for the last two years before the application. Start-up companies may also be listed if the Council of the CSE judges that they provide sufficient information to investors, allowing the adequate and proper evaluation of their shares, from the Listing Council.
• The candidate company throughout the listing procedure should maintain a Listing Advisor (this role is assumed by our Company).
• The candidate company is obliged to have the form of Societe Anonyme (S.A.) with sufficient number of investors, while on the same time there is no provision for a minimum dispersion percentage of share capital to the general public.
• There is no criterion for the minimum capitalization that is required by the publisher.
• There is no criterion for the minimum own capitals that must be available from the behalf of the publisher.
Advantages of the “New Market”
Trading in the “New Market” has the following advantages for Greek unlisted companies:
• It is an alternative method of financing at competitive costs.
• Promotes visibility and reputation.
• It allows them to be listed into the Cypriot market with a very dynamic way.
• internationalize their legal entity with all the obvious benefits to its credibility and its business profile.
• It prepares them, if in future there is a desire for it, for their listing on the regulated market, with the gradual increase of the dispersion and marketability of their shares.
• Makes the Company visible in an international community of investors, with completely different characteristics from the Greek (a large number of investors and funds from the countries of Eastern Europe).
Listing of a company in the “New Market” could be achieved in two ways:
• Public offering
If the offer is public, and moreover is larger than 5 million € and it is address to at least 150 persons, then a Prospectus will be required, along with the permission from the Capital Market Commission of either Cyprus or Greece.
• Private placement
If it is addressed only to institutional investors (strategic or other categories) or to fewer than 150 people and the funds raised are less than 5 million €, then an Information Listing Document will be submitted to the Stock Exchange, without the need for it to be approved by the SEC.
• Combination of (a) and (b) above.
Regarding the trading hours of the “New Market”, it is noted that these are:
• 10:15 – 10:30 pre-session (RTP 10:28-10:30)
• 10:30 – 17:05 Continuous trading.
• 17:05 – 17:20 At-the-Closing trading.
What Virtus Capital can do for you?
Our Group offers a full-service package, aiming initially to investigate the appropriateness of your Company for listing in the NE.A. market of CSE and then provide the necessary support for a successful course as listed company.
Our proposal for the specific services includes the following:
• Consulting services regarding the financial statements of your Company, in order to successfully transform the statements of the last two years in collaboration with your Chartered Auditors, according to the International Accounting Standards. These services are subsidiary to the work of the Charted Auditors and will not interfere with the transformation of the financial statements itself.
• Elaboration of the Initial Assessment Report of your Company.
• Preparation of a specialized dossier which includes both the presentation of historical data, as well as the prospects of your Company, so that it can be used both by the banking system, as well as the competent department of the Cyprus Stock Exchange.
• Consulting services on the internal administrative structure and organization of your company.
• Design and implementation of internal seminars both to executives and employees of your company on the differences that will arise during the progress, towards listing in the N.E.A. market.
• Total independent legal control by expert collaborators of our Company.
• Consulting services regarding the amount and the terms of the IPO or the private placement.
• Filing all the necessary documentation required for the application for listing on the market.
• Filing all the necessary documentation and the provision of consulting services, during the procedure of the examination of your application by the competent authorities.
• Organisation of the corporate presentations required.
Moreover, optional we could be:
• undertake the provision of financial and tax advisor services, as well as
• the organizing of the required infrastructure for the establishment and operation of the Investor Relations Department within your company’s structure, in order to be fully prepared after being listed.
After being listed in CSE’s N.E.A. market, and apart from the statutory role of being your Nominated Advisor as a listed company, optionally and without any time commitment from our side, we could:
• Continue to provide the services regarding financial and tax audition.
• To undertake the supervision of the Investor Relations Department of your Company,
• Undertake the management of relations between your company and Venture Capitals, and institutional investors in general, given that such kind of investors have entered your company share scheme and finally
• Investigate the potentials for the participation of strategic partners in your shareholder structure.