Check if your company is listed on ExtraMOT PRO.

Stock Advisor Ltd is an opportunity for companies that want to list their bonds on the Borsa Italiana ExtraMOT PRO market. Rely on a team of professionals ready to advise you in the best possible way for listing on the stock exchange.

The reference market for minibonds

It is the bond market created to allow Italian companies flexible and efficient access to capital markets.

It was born on 11 February 2013 to allow Italian companies that issue bonds or financial bills to seize the opportunities deriving from the innovated regulatory framework. It is a segment of the MTF ExtraMOT reserved for professional investors only and regulated by Borsa Italiana. It integrates the range of services for companies and completes the bond offer of Borsa Italiana for investors.

The regulatory infrastructure of the new segment offers Italian companies a first access to capital markets that is simple and economical. The only requisites for companies, in fact, are having published the financial statements of the last two years, of which the last subjected to auditing and having made available an information document with some essential information.

Publication of a listing prospectus pursuant to the Prospectus Directive is not required. Subsequent to the listing, the publication of audited annual financial statements, of public ratings, the information relating to any change in the rights of the instrument holders, and any technical information related to the characteristics of the instruments (eg payment dates of interest, coupons, repayment plans).

Why price yourself on ExtraMOT pro?

FLEXIBLE AND EFFICIENT:

 

  • Admission and disclosure requirements that are less stringent than the regulated market, or other MTF open to retail investors,

  • Quick listing process;

  • Admission documents that can be redacted in Italian or English depending on the needs of investors,

 

CHEAP

 

  • Low listing costs

  • Partner listing not mandatory

  • Deductibility of interest expense without further burdens on the Inland Revenue for unlisted issuers,

  • Exemption withheld for foreign investors

 

INTERNATIONAL BRAN

 

  • Wide network of connected professional investors,

  • Internationally recognized Stock Exchange bond markets

  • MTF eligible for Eurosystem operations (ECB)

 

EXCHANGE MARKET

 

  • Electronic MIFID compliant negotiation and automatic settlement procedure,

  • Possibility of a specialist operator even in purchase to offer an official daily price to investors.

REQUIREMENTS FOR LISTED ISSUERS / GUARANTEES

Listing requirements
 

 

  • Bonds, financial bills, participatory instruments, project bonds, other freely transferable and liquidable debt instruments either on Monte Titoli or on Euroclear and Clearstream Luxembourg,

  • Publication by the Issuer of the financial statements of the financial statements (national or international accounting standards), including the consolidated financial statements for the last two years, of which at least the last audited,

  • Publication by the Issuer of a prospectus or a minimum admission document
     

 

Information requirements

 

  • Publication by the Issuer of the audited financial statements,

  • Communication by the Issuer of the rating if it exists,

  • Price sensitive information (approval of the accounting data including the judgment of the auditing company, modification of the rights of the holders of the instruments),

  • Technical information (coupons, interest payment data, repayment plans, early maturities).

 

Market

  • Segment only for professional investors so as to allow the Issuer a lighter approach to listing, both with reference to the initial and on-going requirements,

  • Absence of a sponsor or listing partner in order not to burden the issuer with ancillary costs,

  • Order driven market with the optional presence of an operator even in the bid only if investors need an exchange market or official pricing.

QUOTATION PROCEDURE

Operation planning:
 

  • Definition of characteristics and timing of operations,

  • Definition of the admission document

    Sending and analyzing documents:
     

  • Sending application and admission document by the Issuer,

  • Analysis of the completeness of the documentation by Borsa Italiana.

    Admission (max 7 days)
     

  • Notice of admission to listing of the instrument with effect from the second day following publication of the notice.

    Dealing
     

  • "Ongoing" information requirements.

ADMISSION DOCUMENT

  • Prospectus prepared in accordance with Annex IX and XIII of the Prospectus 809/2004 Regulation for no more than 12 months,

    or
     

  • Admission document containing: 1. Responsible persons, 2. Risk factors, 3. Information on the Issuer (4.1 Annex IX), 4. Organizational structure, 5. Shareholders, 6. Financial information or last financial statement, 7. SF characteristics , 8. Admissions to negotiations.

    Among the minimum contents to be included in the Admission Document it is suggested to pay attention in explaining the main risk factors specific to the company:
     

  • Risks related to debt,

  • Risks related to the granting of guarantees and / or other guarantees,

  • Risks related to litigation / Legal risks,

  • Dependencies on suppliers / customers,

  • Risk factors related to the sector in which the issuer operates,

  • Risks related to the non-collection of receivables,

  • Credit risk linked to relationships with related parties

  • Risks related to the exchange rate,

  • Liquidity risks of the bonds (if placed in the retail sector),

  • Use of proceeds.

LISTING FEES

Price list of listing

  • Single listing price of € 2,500 for SF regardless of the duration

  • Single listing price of € 500 for SF if already listed on another regulated market or MTF.

  • No consideration during the life of the instrument.