Woodland Designs heading for CSE listing

Woodland Designs Plc, the sole representative of Timberland and Nautica fashion brands for Cyprus and Romania, in which the Athens Stock Exchange listed Ridenco SA has an absolute majority is heading for a listing on the Cyprus Stock Exchange.

“Having completed the private placement of shares to institutional investors, we are now heading to the next stage, of locking in the exact price at which the remaining issue will be offered to the public during the IPO,” said Woodland Designs Managing Director Costas Georghiou Hadjisavva.

Of the 1.200.100 new issue of shares of CYP 0.10 nominal value, 75% or 900.100 shares were placed with institutional investors at the price of CYP 0.33 or EUR 0.56 per share. A further 100.000 shares has been reserved for professional investors (mutual funds, fund managers, etc.) while 16.67% of the new issue or 200.000 shares will be offered to the public during the IPO.

“The IPO price will be fixed through the book building method to be held between July 2-4 and will range between CYP 0.32-0.40 or EUR 0.547-0.6840 per share,” said Executive Vice President Ioannis Apostolakos, who is also an Executive VP of Ridenco SA, adding that the strike price will be fixed on July 9.

The first allocation of shares will be made to all those applying for 1.000 shares, after which the additional demand will be satisfied on a pro-rata basis, said Apostolakos.

The existing shareholders of Woodland Designs are Ridenco SA with 11.7 mln or 99.15%, Proton Bank SA and Altius SA 50.000 shares each and other shareholders with 100 shares.

After the new share issue of 1.2 mln shares, Ridenco SA will see its stake drop to 89% with another 1% held by other investors, allowing Woodland Designs to list under the Alternative Market of the CSE.

The issue managers/underwriters are CISCO, the investment banking arm of Bank of Cyprus Group.

(see full report in print edition of Financial Mirror, due July 4, or in the Research Centre of the web site, available only to subscribers.)