LONDON - BNP Paribas (OTC:BNPQY) has been appointed as the stabilization coordinator for IRCA's upcoming securities offering, with a potential stabilization period commencing on November 27, 2024, and expected to last until January 3, 2025. The announcement, made on Wednesday, indicates that BNP Paribas, together with Goldman Sachs, will act as Stabilization Managers and may engage in transactions to support the market price of the securities.
The securities in question have not been detailed in terms of aggregate nominal amount or offer price, as these figures are yet to be confirmed (TBC). The stabilization measures, permissible under EU regulations, aim to maintain the market price of the securities at a level higher than what might otherwise prevail in the open market.
Stabilization activities, which will take place over-the-counter (OTC), may include over-allotment of securities, a common practice where more shares than initially planned are sold to investors during the offering. However, the notice clarifies that stabilization is not guaranteed to occur and may end at any time within the stipulated period, adhering strictly to all applicable laws and rules.
The notice emphasizes that the information provided does not constitute an offer to underwrite, subscribe for, or acquire securities and is directed only at persons outside the United Kingdom (TADAWUL:4280) or those within it who have professional investment experience or are high net worth individuals, as defined by the Financial Services and Markets Act 2000.
Furthermore, the announcement is not an offer of securities for sale in the United States, as the securities have not been registered under the United States Securities Act of 1933 and cannot be offered or sold without registration or an exemption from registration. Consequently, there will be no public offering of these securities in the United States.
This report is based on a press release statement and aims to provide a succinct overview of the key facts surrounding the planned stabilization of IRCA's securities offering.
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