Together towards the working life of the future
Participate in VMP’s public offering June 7 – June 15, 2018.
VMP Plc (“VMP” or the “Company”) is applying for listing of its shares on the Nasdaq First North Finland marketplace and will organize an initial public offering (“IPO”). The subscription period for the Public Offering is June 7 – June 15, 2018 (estimate). The preliminary price range of the public offer shares is at least EUR 4.50 and at most EUR 5.75 per offer share.
The IPO consists of a share issue with which VMP aims to collect gross proceeds of approximately EUR 30 million by offering new shares for subscription. The number of new shares issued will be determined on the basis of the final price per share.
Shares offered in the IPO:
- Preliminarily a maximum of 400,000 new shares are being offered for subscription by private individuals and entities in Finland (“Public Offering”)
- Preliminarily a maximum of 100,000 new shares and in a possible situation of oversubscription, a maximum of 900,000 additional offer shares, are being offered for subscription by salaried employees of the Company group companies during the subscription period in Finland, to the chain franchisees of the Company in Finland, to the members of the Company’s Board of Directors and Management Team and the Company’s CEO (“Personnel Offering”)
- Preliminarily a maximum of 7,178,167 offer shares will be offered in the institutional offering in private placements to institutional investors in Finland and internationally under the applicable legislation (“Institutional Offering”)
VMP Group in brief
VMP is a Finnish HR services company with a comprehensive offering of staffing, recruiting and organizational development, and self-employment services. In 2017, VMP employed directly and through its franchise chain approximately 14,000 staffed employees, carried out around 400 recruitment projects and about 70 organizational development projects, and the Company’s self-employment services had approximately 20,000 registered users.
VMP’s vision is to help both employers and employees succeed in the changing world of work.
- In the Staffing service area, the Company provides staffing services under the VMP Varamiespalvelu
and Staff Plus brands. VMP offers staffing services through both its group companies and franchisees. In the Staffing service area, VMP offers also growth services, care services, and digital services such as robotics process automation.
- VMP’s Recruitment and Organizational Development service area provides comprehensive services in training, change management, recruitment and executive search to its customers under the brands Personnel, Romana and VMP Varamiespalvelu.
- In the Self Employment service area under the Eezy brand, VMP provides its customers an opportunity to employ themselves by outsourcing invoicing and other administrative tasks to VMP.
In 2017 VMP’s revenue amounted to EUR 109.5 million and the combined chain net sales of VMP and the Company’s franchisees were about EUR 178 million. The Company has experienced strong growth organically and through acquisitions. In 2017, VMP’s revenue grew by 25 percent and its EBITDA margin was 8.5%.
The Public Offering in brief
The objective of the Public Offering is to enable VMP to implement its growth strategy and increase strategic flexibility by strengthening VMP’s balance sheet, as well as to strengthen VMP’s recognition and brand awareness among customers, job applicants, investors and the personnel services sector in general.
The listing will also allow the Company to obtain access to capital markets and broaden its ownership base both with domestic and foreign investors, which would increase the liquidity of the shares. This would also make it possible to use the shares more effectively as a means of consideration in potential acquisitions and in incentive programs for personnel.
Offer price and payment of offer shares
The preliminary subscription price of the offer shares is EUR 4.50 – 5.75 per offer share. However, the final offer price applied in the Public Offering may not exceed the upper limit of the preliminary price range, i.e. EUR 5.75 per offer share.
The price to be paid for the offer shares in the Public Offering is the maximum price of the preliminary price range EUR 5.75 multiplied by the number of offer shares covered by the subscription commitment, and the payment must be made when subscribing the shares.
When submitting a subscription commitment, the maximum price of the preliminary price range i.e. EUR 5.75 per offer share multiplied by the number of offer shares covered by the subscription commitment is to be paid.
- Subscription period: June 7 at 10:00 a.m. – June 15, 2018 at 4:00 p.m. (estimate)
- Subscription price: The preliminary price range of the offer shares is at least EUR 4.50 and at most EUR 5.75 per offer share
- Right to participate: Investors whose domicile is in Finland and who submit their subscription commitments in Finland may participate in the Public Offering
|June 7, 2018|
at 10:00 a.m. EET
|Subscription periods of the Public Offering and the Personnel Offering commence|
|June 14, 2018|
at 4:00 p.m. EET
|The earliest date when the Public Offering may be discontinued|
|On or about|
June 15, 2018
at 4:00 p.m. EET
|Subscription periods of the Public Offering and the Personnel Offering end|
|On or about|
June 18, 2018
|The Final Offer Price and the results of the Offering are announced in a company release|
|On or about|
June 19, 2018
|The Shares offered in the Public Offering are entered on the book-entry accounts of the investors that have made an approved subscription commitment|
|On or about|
June 19, 2018
|The trading in the shares is expected to commence on First North marketplace maintained by Nasdaq Helsinki|
Places of subscription in the Public Offering
Places of subscription
The places of subscription in the Public Offering for customers with a book-entry account in Danske Bank are:
- Danske Bank Plc’s eBanking service with bank identifiers for private customers at danskebank.fi;
- Danske Bank corporate eBanking services in the Markets Online module for Business Online customers;
- Danske Bank’s Investment Line with Danske Bank’s bank identifiers by telephone, 9:00 a.m. to 8:00 p.m. Monday to Friday and 10:00 a.m. to 4:00 p.m. Saturday (Finnish time), tel. +358 200 2000 (local network charge/mobile call charge). Calls to Danske Bank’s Investment Line will be recorded;
- Danske Bank Plc’s offices in Finland during normal business hours; and
- Danske Bank Plc’s Private Banking offices in Finland (for Danske Bank Plc’s Private Banking customers only).
Submitting a subscription commitment by phone via Danske Bank’s Investment Line or Danske Bank eBanking service requires a valid eBanking agreement with Danske Bank.
The places of subscription in the Public Offering for customers with no book-entry account in Danske Bank are:
- Online subscription at danskebank.fi for private customers; and
- Danske Bank Plc’s offices (excluding corporate offices) in Finland during normal business hours. Information on the offices offering subscription services is available by phone using Danske Bank’s Investment Line, 9:00 a.m. to 6:00 p.m. Monday to Friday and 10:00 a.m. to 4:00 p.m. Saturday (Finnish time), tel. +358 200 20109 (local network charge/mobile call charge), by e-mail at the address email@example.com or online at www.danskebank.fi. Calls to Danske Bank are recorded.
Individual investors can submit subscription commitments of up to EUR 10,000 in the Public Offering through Danske Bank’s online subscription platform. If a subscription commitment exceeds EUR 10,000, the subscription commitment can be given at Danske Bank branches. The offer shares covered by a subscription commitment must be paid using an account in the name of the investor making the commitment. Entities cannot submit subscription commitments in the Danske Bank eBanking service or as online subscriptions.
Subscription commitments by or on behalf of persons under the age of 18 must be submitted by their legal guardians and may require the consent of the local register office in Finland. A guardian may not subscribe for the offer shares without a permission of the local register office in Finland, as the shares are not quoted in any exchange when submitting a subscription commitment.
Please read the terms of the Initial Public Offering and other information in the prospectus carefully before making a subscription.
Danske Bank acts as the Certified Adviser to the company.