The prospectus isn’t out yet; it will apparently be released this evening or tomorrow morning at the latest. Hopefully, it will clarify why Faron will net only slightly over 32 million euros from a 40 million euro offering. The lead manager bank doesn’t charge such large fees, so is it some HCM loan arrangement, or does Faron have to pay extra fees to those parties that provided guarantees to ensure the success of the offering? The advance commitments to participate in the offering were only about 11 million euros. This probably indicates that institutions didn’t have much appetite for this round; they were still actively involved in the 30 million public offering in 2024. If this 8 million euro mystery isn’t solved in the prospectus, the company management will definitely be questioned about it in the March 17th webcast.
8 Likes