Three warrants entitle the holder to
subscribe for two new shares at €4.02 per
SHAREûDURINGûAûPERIODûOFûlVEûYEARSûFROMûTHEû
restructuring effective date, which has yet
to be determined.
The theoretical subscription price of a
new share and warrant represents a
discount of 65.2% compared with Monday’s
closing price.
The subscription period runs from
January 22 to February 2.
Investment group DNCA is backstopping
the issue for up to €71.39m, and by the
senior noteholders for the remaining
unsubscribed portion (by way of set-off
against claims).
ODDO BHF is global coordinator and lead
manager for the rights issue.
GERMANY
PRE-MARKETING BEGINS FOR
DERMAPHARM
DERMAPHARM, a manufacturer of patent-free
pharmaceuticals, has kicked off a
õM
PLUSû&RANKFURTûmOTATION ûWITHû
bookbuilding expected to begin around
January 29 for a February 9 close.
Dermapharm develops and markets
branded pharmaceuticals that are no longer
patent-protected, holding approximately
900 marketing authorisations for more than
200 active pharmaceutical ingredients. The
company’s portfolio also includes
healthcare products such as cosmetics, food
supplements, dietary products and medical
devices, as well as an import division
operating under the axicorp brand.
The company operates largely in Germany,
but is also active in Austria and Switzerland
and has plans to add other European markets
such as Italy, Spain, the UK, the Benelux
region, the Czech Republic and Slovakia.
Revenue growth was said to be largely
organic and between 2014 and 2016 the
CAGR was 6.6%, while Ebitda grew at a CAGR
of 19.1%. Revenues in 2016 were €444.5m
with Ebitda of €102.7m, corresponding to an
%BITDAûMARGINûOFûû)NûTHEûlRSTûNINEû
months of 2017, the Ebitda margin was
û3TARTINGûWITHûTHEûlSCALûYEARûENDINGû
December 2018, Dermapharm intends to pay
ANûANNUALûDIVIDENDûOFû
ûOFûPROlTS
The current product pipeline comprises
more than 40 ongoing development
projects, including 28 pharmaceuticals and
other healthcare products, in particular
dermatologicals, women’s healthcare
products and food supplements, which are
expected to be marketable by 2023.
That requires funding, with Dermapharm
setting aside €100m in primary proceeds,
which will be used for in-house development
and improving production facilities in
"REHNA û'ERMANY ûANDûlNANCINGûAûNEWû
manufacturing facility in Austria, as well as
PARTLYûlNANCINGûTHEûRECENTûACQUISITIONûOFû
pharmaceuticals business Trommsdorff and
RElNANCINGûEXISTINGûLIABILITIES
There is also set to be selling by founder
Wilhelm Beier and his family, expected to
be at least as much as the primary tranche.
There is a 15% secondary greenshoe and
THEûFREE
mOATûISûEXPECTEDûTOûBEûAROUNDû
4HEû)0/ûHASûALREADYûBEENûPILOT
lSHED û
with the bulk of attention coming from
healthcare specialists. The deal is also
expected to appeal to mid-cap generalists.
Berenberg is sole bookrunner, with ODDO
BHF as co-lead.GREECE
TERNA ENERGY FUNDS FOR
NEW PROJECTSAthens-listed renewable energy group TERNA
ENERGY raised €41.325m in fresh capital as
part of an accelerated placing of shares on
Thursday managed by Axia Ventures, Euroxx
Securities, and LXM Group.
Chairman Georgio Peristeris, the group’s
second largest shareholder, was also involved in
the transaction, selling 2.5m shares to reduce his
holding to around 20.31% from 21.71%.
In total, 12m shares were sold at €4.35 per
share for a deal size of €52.2m, with around
85% placed with international investors. The
pricing represents a 9.375% discount to
Wednesday’s closing price of €4.80.
The 9.5m shares sold by the company were
secondary shares borrowed from York Capital to
ensure timely delivery, which will be returned
to the lender once shareholders approve the
cancellation of 4.895m treasury shares and the
issue of 4.605m new shares at a general meeting.
The treasury shares were acquired as part
of a share buy-back programme approved by
shareholders in April 2016.
Terna Energy is Greece’s largest
renewable energy company, with 941 MW
of installed capacity and a further 208 MW
under development. The company intends
to use the capital raised to invest in new
renewable energy projects.ISRAEL
TAPTICA FUNDS, SHAREHOLDERS
PARE STAKESA handful of investors were wall-crossed last
Monday ahead of a combined primary and
secondary sale in AIM-listed but Israel-
headquartered mobile advertising business
TAPTICA INTERNATIONAL.The £38.25m trade was kick-started by the
company’s desire to lower its debt level to
be better capitalised and take advantage of
any short-term acquisition opportunities.
Taptica bought US company Tremor Video
for £36.9m last October and a 57% stake in
Japan’s Adinnovation for US$5.7m in July.
At the same time, Taptica chief executive
Hagai Tal wanted to raise cash to pay down
personal tax liabilities as a result of a
restructuring. Shareholder Ehud Levy was
also looking to pare down his stake, with the
lock-up from an August 2017 selldown due
to expire this week, and the decision was
taken to combine all three into one
transaction and waive the lock-up on Levy.
Books opened on Monday night for a
combined offering of up to 8.65m shares,
with the option of a 4.3m secondary share
upsizing. The total base deal offering
represented 13.8% of existing share capital
and approximately 42 days’ trading.
In total, 8.5m shares were sold,
comprising 4.85m new shares, 1.65m shares
from Tal and 2m shares from Levy.
The deal launched with reference to the
495p market close and coverage came
relatively quickly, with pricing settling at
450p, a 7.73% discount to the close. The
upsizing option was not utilised.
Post-money, Tal has 9.37m shares,
representing 13.88% of share capital, and is
locked up for 12 months. Levy holds 4.99m
shares, a 7.39% stake, with a 90-day lock-up.
Allocations were skewed to those wall-
CROSSEDûANDûTHEREûWASûSIGNIlCANTûDEMANDû
from existing investors.
The shares came off considerably on
Tuesday, opening at 475p but closing down
8.586% at 455p, yet still above pricing.
Berenberg and Finncap were joint
bookrunners.NUTRIEN EXITS ISRAEL CHEMICALSUS-based Nutrien has exited its investment
in ISRAEL CHEMICALS, with its wholly-owned
subsidiary Potash Corporation of
Saskatchewan selling 176m shares in an
early-morning block trade on Tuesday.
4HEûSALEûWASûDRIVENûBYûSIGNIlCANTûREVERSEû
enquiry from Israeli and international
investors, providing enough demand for the
books to be covered on an indicative basis
before launch.
Books opened on Tuesday morning at
6:15am in London for an offering of 176m
shares with reference to market, the stock
having closed at NIS15.12 on Monday. The
deal was covered in half an hour and books
wrapped up at 7:15am with pricing of
NIS13.60 for a NIS2.393bn (US$693m) deal
size. The stake represented 13.8% of share
capital and a chunky 120 days’ trading. The
discount was 10%.