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14 Feb 2019 | Euronext achieved a strong performance in 2018 |
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ACHIEVEMENT OF MOST OF 2019 TARGETS ONE YEAR IN ADVANCE AND SUCCESSFUL INTEGRATION OF HIGHLY ACCRETIVE ACQUISITIONS. 2019 COST TARGET ANNOUNCED Amsterdam, Brussels, Dublin, Lisbon, London and Paris – 14 February 2019 – Euronext, the leading pan-European exchange in the Eurozone with 1,300 listed issuers, today announces its results for the full year 2018. Strong increase of Euronext performance through 2018
Achievement of most of 2019 targets of Agility for Growth strategic plan one year in advance, confirming Q3 2018 momentum
Continued business diversification through highly accretive acquisitions
Contemplated acquisitions of Oslo Børs VPS On 14 January 2019, Euronext launched an all-cash tender offer to acquire all issued and outstanding shares of Oslo Børs VPS Holding ASA (“Oslo Børs VPS”). The original offer price of NOK145 per share, ie NOK6.24 billion (€625 million[5]) for all outstanding shares of Oslo Børs VPS, has been amended to NOK158 per share, ie. NOK6.79 billion (€695 million[6]) on 11 February 2019 and the acceptance period will expire on 11 March 2019 and can be extended as appropriate. The offer remains subject to conditions presented in the offer document[7] and in the press release published on 11 February 20193. This transaction would follow Euronext’s recent acquisition of Euronext Dublin (formerly the Irish Stock Exchange) and would represent another key milestone in the delivery of the group’s vision to build a consistent pan-European marketplace offering best-in-class capital markets services. Cost guidance for 2019 In 2018, Euronext has extended its scope of activity both organically and through acquisitions. Furthermore, most of the core business 2019 targets of the Agility for Growth plan have been achieved one year in advance. To simplify and improve the tracking of its performance, Euronext will now report only group performance (including selected growth initiatives and new perimeter). New mid-term targets will be presented in H2 2019 as a part of the new strategic plan. In 2019, Euronext expects to limit the growth rate of its operating costs to a low single digit[8], despite the consolidation of Euronext Dublin for the full year of 2019[9]. Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said: “Euronext delivered a strong financial performance in 2018 with double digit growth in revenue, EBITDA and adjusted EPS thanks to strengthened core business and market share on cash trading at 66%. Combined with efforts on cost, Euronext was able to reach most of its 2019 targets one year in advance, confirming the Q3 2018 momentum, with a core business and selected growth initiatives EBITDA margin reaching 61.6%. In 2018, Euronext successfully welcomed Euronext Dublin teams within the Group and achieved the migration of Irish markets to Optiq trading platform early February 2019, seven months after its transition for the Group cash markets. Euronext is pursuing its European strategy with the project to acquire Oslo Børs VPS, to reach another milestone in its value creation strategy and to fulfill its mission to finance the real economy in Europe. The Group is committed to deploy its capital and to analyze further acquisitions to expand its decentralized model in Europe and diversify its revenue profile. Euronext Group has transformed itself in the past three years, with a top line growing by around €100m thanks to combined organic and external growth. In order to fully reflect the new Group, and given that most of the 2019 announced core business targets were met one year in advance, Euronext provides a costs guidance for 2019, prior to the release of its new strategic plan later this year, that will better help our stakeholders to assess its performance. For 2019, Euronext expects a low-single digit growth of Group operating expenses (excluding D&A) compared to 2018, thanks to its continued strong cost discipline.”
[1] In 2018, Euronext has adopted IFRS 15. Unless stated otherwise, percentages compare Full Year 2018 and Q4 2018 data including IFRS 15 to respectively reported Full Year 2017 and Q4 2017 data (excluding IFRS 15). For further details, please refer to the appendix [2] Formerly « Market data and indices » [3] Definition in appendix [4] Annual General Meeting of Shareholders [5] Based on an exchange rate of EUR 1.00 = NOK 9.97 as of December 23, 2018. [6] 9.77 EUR/NOK FX rate as of 8 February 2019; before additional interest payment
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11 Feb 2019 | Euronext details its strategic project to create a leading player in the Nordics with Oslo Børs VPS and adjusts its offer |
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The distribution of the offer document and the making of the offer may in certain jurisdictions be restricted by law, including without limitation in Canada, Australia and Japan. Accordingly, the offer is not made and does not constitute an offer or solicitation in these jurisdictions, or in any jurisdiction or to any person where the making or acceptance of the offer or solicitation would be in violation of the laws or regulations of such jurisdiction.
Amsterdam, Brussels, Dublin, Lisbon, London and Paris – 11 February 2019 - Euronext, the leading pan-European exchange, provides additional details on its strategic ambition to further develop Oslo Børs VPS Holding ASA ("Oslo Børs VPS") and revises certain terms of its offer. Creating a leading player in the Nordics by supporting Oslo Børs VPS’s ambition Euronext remains strongly committed to completing the acquisition of Oslo Børs VPS. This acquisition is already supported by the majority of Oslo Børs VPS’s shareholders. Euronext aims to increase Oslo Børs VPS’s strong position in the Nordics and to leverage its strengths to support its clients, for the benefit of its employees and the wider Norwegian financial community. Euronext is a family of six local exchanges in Europe with the technology, the financial means and the resources needed to power the capital markets financing the real economy. Continuity, local governance and decentralised decision-making are the key principles of Euronext’s model, as demonstrated by the Irish Stock Exchange joining the Euronext family in 2018. Euronext’s decentralised model will allow Oslo Børs VPS to preserve its local footprint, management and vibrant local market, and to support its ambitions by leveraging the strengths of an agile European exchange Group.
Revised terms of Euronext’s Offer In order to demonstrate its willingness to share the benefits of this transaction with Oslo Børs VPS shareholders, the majority of whom supports Euronext’s offer, Euronext today announces revised terms for its offer to acquire all issued and outstanding shares of Oslo Børs VPS. Defined terms with capital letters herein have the meaning as in Euronext’s Offer Document published on 14 January 2019.
Euronext notes that the Board of Oslo Børs VPS decided irrevocably to support a competing offer, regardless of terms, and has not indicated at any point to Euronext that it would welcome a revised offer. Euronext has however been encouraged by widespread support for its project for Oslo Børs VPS following dialogue with a large number of relevant market participants in Norway, and remains keen to continue engaging with all key stakeholders in Oslo Børs VPS, including its management, board of directors and the local financial ecosystem. Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said: “We strongly believe that a combination with Euronext provides Oslo Børs VPS with clear and superior benefits compared to any other offer. Oslo Børs VPS will maintain its identity and integrity within Euronext’s decentralised model with a strong impact on the future strategy of the enlarged group. Oslo’s role as a key financial centre will be reinforced. Oslo Børs VPS employees will be empowered to develop the satisfaction of their clients, with the ability to shape the future for Euronext and for the Norwegian economy. Oslo Børs VPS and Norway will be represented at the Managing and Supervisory Boards of Euronext at Group level. Leading representatives of the Norwegian financial community are welcome to remain as shareholders and become partners of Euronext. We are open to discuss with all stakeholders to present our long-term ambition to create a leading exchange player in the Nordics based in Oslo.” For additional information on the long-term fundamentals and strategic rationale of the transaction, please refer to the Offer Document located at https://www.euronext.com/listview/investor-financial-events/862111 IMPORTANT DISCLAIMER The offer is being made to shareholders resident in the United States in reliance on the Tier I exemption pursuant to Rule 14d-1(c) under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Euronext reserves the right to acquire or agree to acquire shares or rights to shares outside the offer during the acceptance period in accordance with applicable law and regulations and the provisions of the exemption provided under Rule 14e-5(b)(10) under the Exchange Act. Any of the purchases referred to in this paragraph may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Information about such purchases will be disclosed as and if required by applicable securities laws.
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11 Feb 2019 | Sequana Medical lists on Euronext Brussels |
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Capital raised through IPO will enable the execution of Sequana Medical’s strategy Brussels, 11 February 2019 – Belgian-based medtech company Sequana Medical NV (ticker symbol: SEQUA) today began trading on Euronext Brussels (Compartment C) with an initial market capitalisation of approximately €107.2 million. This transaction demonstrates the attractiveness of Euronext as the leading stock exchange for European biotech and medtech companies. With this operation, Sequana Medical joins a large franchise of 89 life science companies (52 biotech and 37 medtech companies) currently listed on Euronext’s markets, representing a total market capitalisation of €22 billion per 31 January 2019. Sequana Medical NV is a commercial stage medical device company focused on the development of innovative treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders. Sequana Medical's first product is the alfapump®, a fully implantable, programmable, wirelessly-charged, battery-powered system. It has been approved in Europe for the treatment of liver refractory ascites and malignant ascites and has shown a strong performance in multiple clinical studies and over 650 implants. The alfapump® has recently been granted breakthrough device designation by the US FDA. The Company is also developing alfapump® DSR (Direct Sodium Removal), a novel and proprietary approach to the treatment of volume overload in heart failure for which a first-in-human study is ongoing. Founded in Switzerland in 2006, Sequana has established its new corporate headquarters in Ghent, Belgium, in order to benefit from Belgium’s attractive healthcare ecosystem and ultimately to list on Euronext Brussels, one of the most dynamic stock exchanges in Europe for life sciences IPOs. With an initial reference price set at €8.5 per share, Sequana Medical’s initial market capitalization stands at €107.2 million. Ian Crosbie, Chief Executive Officer of Sequana Medical, said: "We are very pleased with the successful closing of our IPO on Euronext Brussels, which is renowned for being very supportive of high-quality listings in the healthcare space. The funds raised will support our commercial and clinical development with the goal to make the alfapump® and alfapump® DSR available to a broader patient group and address important unmet medical needs. We would like to thank all of our existing shareholders and our new investors for their support in making this transaction a success and we are looking forward to entering this exciting new phase for our Company." To mark Sequana Medical’s first trading day, Ian Crosbie, Chief Executive Officer of Sequana Medical, rang the bell to open the markets in Brussels today. About Sequana Medical Sequana Medical's alfapump® is a fully implantable, programmable, wirelessly-charged, battery-powered system that is CE-marked for the management of i) refractory ascites (chronic fluid build-up in the abdomen) due to liver cirrhosis and ii) malignant ascites (with a life expectancy of six months or less). The number of patients with liver refractory ascites is forecast to increase dramatically due to the growing prevalence of NASH (Non-alcoholic Steatohepatitis). Over 650 alfapump® systems have been implanted and since April 2018, the alfapump® has been included in the EASL (European Association for the Study of the Liver) clinical practice guidelines for decompensated cirrhosis. In January 2019, the FDA has granted Breakthrough Device designation for the alfapump® for the treatment of liver recurrent or refractory ascites. The alfapump® MOSAIC North American IDE feasibility study in patients with liver refractory or recurrent ascites has been completed and results were presented at the AASLD (American Association for the Study of Liver Diseases) annual meetings in October 2017 and November 2018. The alfapump® has not yet received regulatory approval in the U.S. The alfapump® is one of the first safe and effective, long-term alternatives to large-volume paracentesis which is a lengthy, invasive and painful procedure, only providing short-term symptomatic relief, requiring hospital visits and placing a significant burden on the healthcare system and patient quality of life. By automatically and continuously moving ascites to the bladder, where the body eliminates it naturally through urination, the alfapump® prevents fluid build-up and its possible complications, improving patient quality of life and nutrition, and potentially reducing hospital visits and healthcare costs. The alfapump® DirectLink technology allows clinicians to receive pump performance information and more effectively manage patients treated by the alfapump®. Sequana Medical is developing the alfapump® DSR, built upon the proven alfapump® platform, to deliver a convenient and fully implanted system for Direct Sodium Removal ("DSR") therapy, a novel and proprietary approach for the management of volume overload in heart failure. Data from animal studies presented at EuroPCR 2018 and HFSA 2018 indicate that DSR therapy is effective and safe. A first in human study for DSR therapy is ongoing. Treatment of volume overload in diuretic-resistant heart failure patients is a major clinical challenge. There are an estimated one million hospitalisations due to heart failure in the U.S. each year, of which 90% are due to symptoms of volume overload. The estimated cost of heart failure-related hospitalisations in the U.S. is $13 billion a year. Sequana Medical is headquartered in Ghent, Belgium and investors include NeoMed Management, LSP (Life Science Partners), VI Partners, BioMedPartners, Capricorn Venture Partners, Entrepreneur's Fund, Salus Partners, Newton Biocapital, PMV and SFPI-FPIM. For further information, please visit www.sequanamedical.com.
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06 Feb 2019 | Euronext announces volumes for January 2019 |
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Amsterdam, Brussels, Dublin, Lisbon, London and Paris – 6 February 2019 – Euronext, the leading pan-European exchange in the Eurozone, today announced trading volumes for January 2019. Cash trading In January 2019, the average daily transaction value on the Euronext cash order book stood at €6,708.1 million, down -16.0% compared to January 2018 and down -15.1% from the previous month. The average daily transaction value on the ETF order book was €205 million, down -28.3% compared to January 2018 and down -19.4% from the previous month. At the end of January 2019, 1,168 ETFs were listed on Euronext compared to 1,150 at the end of Deccember 2018. Derivatives trading In January 2019, the overall average daily volume on derivatives reached 523,542 contracts, down -6.7% compared to January 2018 and down -19.6% compared to the previous month. In detail:
At the end of January 2019, the open interest was flat at 16,720,087 contracts (-0.6% compared to the end of January 2018). FX spot trading In January 2019, the average daily volume on the spot foreign exchange market of FastMatch, operating as a Euronext company since August 2017, stood at $20,050 million, down -3.5% compared to January 2018 and up +4.9% from the previous month. Listings As part of its SME Tech initiative, Euronext has welcome Italy Innovazioni, a Rome-based start-up focused on smart devices that capitalised €11 million through its listing on Euronext Access. In addition, €3.2 billion were raised in follow-on equity, including €430m from Takeaway to finance its acquisition of DeliveryHero Germany. In January 2019, €96 billion were raised on Euronext in bonds. These included two green bonds from Engie and RFF worth a combined €1.5 billion, taking the total green bonds issuance on Euronext to €55 billion.
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04 Feb 2019 | Euronext reaffirms its commitment to complete the acquisition of Oslo Børs VPS |
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Amsterdam, Brussels, Dublin, Lisbon, London and Paris – 4 February 2019 – Euronext acknowledges the decision of the Board of Directors of Oslo Børs VPS Holding ASA (“Oslo Børs VPS”) not to recommend Euronext’s offer[1], even though Euronext’s offer is supported by the majority of Oslo Børs VPS shareholders. Euronext launched on 14 January 2019 an all-cash tender offer to acquire all issued and outstanding shares of Oslo Børs VPS for NOK 6.24 billion, and had already secured support for the offer from the majority of Oslo Børs VPS shareholders representing 50.5% of the total number of outstanding shares through irrevocable binding pre-commitments to tender shares in the context of the offer, and share purchases. Euronext’s offer is subject to a 50.01% minimum acceptance condition, which is already met. Euronext, which is already regulated in Belgium, France, Ireland, the Netherlands, Portugal and the United Kingdom, is currently awaiting the Ministry of Finance's decision of its ownership application (based on advice from the Norwegian Financial Supervisory Authority (Finanstilsynet)) in order to complete the acquisition of all shares tendered in favour of its offer. Euronext is determined to acquire Oslo Børs VPS and remains committed to a constructive and continuous dialogue with Oslo Børs VPS shareholders, Board and management as well as the wider Norwegian ecosystem. Euronext’s Reference Shareholders have also confirmed their joint support to Euronext for this transaction. Euronext will assess available options to adjust its offer and will communicate when appropriate. Euronext is strongly convinced of the benefits that its combination with Oslo Børs VPS would bring to all Norwegian stakeholders. It has a strong track record of pan-European and decentralised independent market infrastructure management. Euronext’s model, capitalising on local strengths, identity and vibrant markets, fuels its ambition to finance the real economy, especially SMEs, by providing them with access to the largest liquidity pool in Europe. Euronext will be fully committed to the further development of Oslo Børs VPS, both its stock exchange and the Central Securities Depository (CSD, known as ‘VPS’), through a client-centric plan benefitting all parties of the Norwegian financial ecosystem. Euronext will act accordingly to preserve and develop the specific contribution of Oslo Børs VPS to the Norwegian economy including the Equity Capital Certificates market, the Fish Pool market located in Bergen, the high yield bond market and a seamless efficient listing platform. CONTACTS - Pauline Bucaille: +33 1 70 48 24 41 mediateam@euronext.com Analysts & investors Aurélie Cohen: +33 1 70 48 24 17 ir@euronext.com
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Date | Company name | ISIN code | Location | Market |
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26-Feb-2019 | ARCURE S.A. | FR0013398997 | Paris | Euronext Growth |
11-Feb-2019 | SEQUANA MEDICAL NV | BE0974340722 | Brussels | Euronext |
31-Jan-2019 | ITALY INNOVAZIONI | IT0005336521 | Paris | Euronext Access |
27-Dec-2018 | BAIKOWSKI | FR0013384369 | Paris | Euronext Growth |
24-Dec-2018 | FLEXDEAL SIMFE S.A. | PTFXD0AM0018 | Lisbon | Euronext |
21-Dec-2018 | PREDILIFE | FR0010169920 | Paris | Euronext Growth |
19-Dec-2018 | LLEIDA.NET | ES0105089009 | Paris | Euronext Growth |
04-Dec-2018 | MND | FR0011584549 | Paris | Euronext Growth |
30-Nov-2018 | VOGO S.A. | FR0011532225 | Paris | Euronext Growth |
28-Nov-2018 | BLUE SHARK POWER SYSTEM S.A. | FR0013340973 | Paris | Euronext Access |
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