BMIT Technologies plc - Details of General Public Offering

Wednesday, January 9th, 2019

On 9 January 2019, BMIT Technologies plc (“BMIT”) issued a prospectus in relation to the Initial Public Offering (“IPO”) of a total of 99,761,701 ordinary shares (representing 49% of the company’s entire share capital) at an offer price of €0.49 ordinary share.

BMIT is a leading IT services provider in Malta. It is primarily focused on the provision of data centre, cloud and managed IT services, offering an extensive range of services and solutions to a wide range of business customers. Further information about BMIT and its wholly-owned subsidiary companies – BMIT Limited and Kinetix IT Solutions Limited – is available from the following websites http://www.bmittechnologies.com/, http://www.bmit.com.mt/ and http://www.kinetix.com.mt/home as well as from the downloads below.

Offer Price:

€0.49 per share

Amount of Shares on Offer:

99,761,701 ordinary shares of which 79,261,701 shares were already allotted to a number of financial intermediaries leaving 20,500,000 shares available for the general public

Offeror:

GO plc

Reasons for the Offer:

The offer represents an opportunity for GO plc to crystallise part of the profits made in its investment in BMIT over the years in a tax efficient manner.

Pre-Allocation Agreements:

GO plc has entered into pre-allocation agreements with a number of financial intermediaries, whereby GO plc bound itself to allocate a total amount of 79,261,701 shares (representing 79.5% of the total amount of shares on offer) to such financial intermediaries which, in turn, bound themselves to subscribe to such shares subject to the shares being admitted to the Official List of the MSE.

Public Offer:

GO plc has reserved a maximum aggregate amount of 20,500,000 shares of BMIT for subscription by Preferred Applicants as well as the general public. Through the allocation policy to be adopted, GO plc will endeavour a sufficiently dispersed shareholder base to facilitate, as far as practicable, an active secondary market in the shares of BMIT. However, in determining the allocation policy, GO plc will be giving preference to Preferred Applicants, namely GO shareholders as at close of trading on 28 December 2018 and GO Group employees.

Minimum Subscription Amount (Public Offer):

2,000 shares and in multiples of 100 shares thereafter.

Closing of Subscriptions (Public Offer):

Thursday 31 January 2019 at 14:00 hours

Listing:

The shares of BMIT Technologies plc are expected to be admitted to the Official List of the Malta Stock Exchange on 15 February 2019 and trading is expected to commence on 18 February 2019.

Disclaimer:

BMIT Technologies plc is subject to a number of risks pertaining to the nature of its business. Prospective investors are urged to read the “Risk Factors” found in the prospectus issued by BMIT Technologies plc dated 7 January 2019. These are listed in Section 3 – “Risk Factors” of the Registration Document and in Section 2 – “Risk Factors” of the Securities Note. Copies of the Prospectus are available by email upon request, from our website at http://rizzofarrugia.com.

Prospective investors must also note that since the profit forecasts and the assumptions on which they are based relate to the future, they may be affected by unforeseen events. As such, the variation between forecasts and actual results may be material.

Downloads:

BMIT Technologies plc – Prospectus dated 7 January 2019

GO plc – Explanatory Circular dated 1 November 2018

BMIT Technologies plc – 2018 Slide Show

The upcoming IPO of BMIT Technologies – Financial Article by Edward Rizzo

 

A copy of our investment research report containing our analysis and opinion on this equity initial public offering is available through our fee-based Research Portal. Should you be interested in subscribing to our Research Portal, kindly send us an email on researchportal@rizzofarrugia.com to obtain a copy of the Subscription Agreement containing our ‘Terms of Use’.

 

This webpage has been prepared based on the Prospectus dated 7 January 2019 issued by BMIT Technologies plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is not intended to be and should not be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.

 

Rizzo, Farrugia & Co. (Stockbrokers) Ltd is acting as Sponsor and Co-Manager to the BMIT Technologies plc Initial Public Offering.

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