Sorainen advised the international group of companies Modus Group on entering the Nasdaq Baltic First North alternative market. Sorainen is a Certified Adviser to Modus Group on the First North market in Lithuania.
Total nominal value of the Modus Group issue is EUR 4,999,900. The annual interest rate is 5%. Modus Group’s bond issue was publicly placed by Šiaulių bankas, came into effect on 5 January 2018 and their redemption is set for December 2020.
Modus Group, with operations in the Baltics, Belarus, Poland and Spain, is developing its business in four areas: renewable energy, mobility: car sharing service CityBee, smart parking solutions provider UniPark, real state as well as representing 18 globally acclaimed car brands.
Nasdaq Baltic First North is a growth market designed for small and medium-sized companies in the Baltics. The regulatory requirements for First North are less extensive compared to the regulated market, so it is easier for young companies to become publicly traded. The certified adviser’s role is to guide growth companies through the application process and to ensure that they continuously fulfil all the requirements of First North rules.
‘The listing of the Group’s bonds signifies our intention to make them available to a wide range of investors; from experienced market players to investment newcomers. Securities will be available to both domestic and international investors and will ensure an increase in bond liquidity,’ commented Giedrius Audickas, Chief Financial Officer of Modus Group.
Sorainen advised Modus Group on preparing and filing an application to admit its bonds to trading on the Nasdaq Baltic First North bond market and on preparing the company description to ensure that it meets requirements.
The client was advised by partner Augustas Klezys, senior associate Dalia Augaitė and associate Eglė Mazėtytė.
