Bittnet Group publishes the first “Universal Registration Document” on the Romanian capital market
Bucharest, 17 July 2020 – The Romanian Financial Supervisory Authority has approved the Universal Prospectus of Bittnet (BNET), the first such document ever issued on the Romanian capital market.
The new EU Prospectus Regulation, and implementing measures, is applicable as of 21 July 2019. Under the revised rules, a new document, known as the “Universal Registration Document” (URD) was created. The goal behind the Universal Registration Document is to accelerate the prospectus approval process for frequent issuers.
Bittnet prepared and submitted the Universal Prospectus for ASF’s approval to simplify and speed up the process of a future public offering of securities. From now on, for any new offer of financial instruments issued by Bittnet, regardless of their type or class, the company only needs to prepare a securities note and a summary. Bittnet’s intends to benefit from this solution in the course of the next 12 months, for carrying out a capital increase as well as to run an offer for Bittnet’s preferential shares.
“Over the past five years, Bittnet has been one of the most active issuers on the Romanian capital market. We have brought several premieres to the BVB, and we are pleased to do it again. Following our transfer to the Main Market, we decided to benefit from the provisions of the EU Prospectus Regulation to be able to issue new instruments more dynamically than before. We thank the Financial Supervisory Authority for their assistance in this process, and we will glad to see if also this example is followed by other issuers” said Cristian Logofatu, co-founder of Bittnet.
Under the EU Prospectus Regulation, frequent issuers are incentivized to draw up their prospectus as separate documents, since that can reduce their cost of compliance with this Regulation and enable them to react to market windows swiftly. Thus, since July 2019 issuers whose securities are admitted to trading on regulated markets or MTFs have an option to draw up and publish every financial year a universal registration document containing legal, business, financial, accounting and shareholding information and providing a description of the issuer for that financial year.
Drawing up a universal registration document enables the issuer to keep the information up-to-date and only to add a securities note and a summary of the offering when market conditions become favorable for an offer of securities to the public. The universal registration document acts as a source of reference on the issuer, supplying investors and analysts with the minimum information needed to make an informed judgment on the company’s business, financial position, earnings and prospects, governance and shareholding.
About Bittnet Group
Bittnet was founded in 2007 in Bucharest, by brothers Mihai and Cristian Logofătu, as a company offering IT training and IT solutions in Romania and abroad. Today, Bittnet is a Group of companies in the IT field of which the following brands are part: Bittnet Training, Dendrio, ELIAN Solutions, and Equatorial Gaming. Bittnet Training is the leader of the IT training market in Romania, with over 15 years of experience and the largest team of IT trainers in Romania. Equatorial is a game-based learning company specialized n providing transformative training and consulting programs at the individual, team, and organizational levels in Romania and abroad. Dendrio is the only multi-cloud integrator in Romania, consolidating its position as a company certified by the most important IT providers in the world, focusing on cloud security and cybersecurity. Elian Solutions specializes in providing Microsoft Dynamics NAV Enterprise Resource Planning (ERP) implementation services. Bittnet Group is listed on the Main Market of the Bucharest Stock Exchange under the BNET symbol.