Admiral Markets AS has started a final effort to buy back
its remaining bonds as it prepares to leave the Nasdaq Tallinn Stock Exchange.
The move follows the company’s decision to give up its Estonian investment firm
license and shift operations elsewhere in Europe.
Final Bond Offer Details
The broker noted on Thursday that it is offering to
repurchase up to 8,476 Tier 2 bonds issued in 2017. The offer runs for around a month and is open only to current bondholders.
Admiral Markets has set the price at €101.02 per bond. This
includes the €100 nominal value, a €1 premium, and €0.02 in accrued interest.
The total nominal value of the remaining bonds is €847,600.
Investors must submit sell orders through their custodians,
with the firm noting that it may accept fewer bonds than offered but aims to
buy back the full amount.
Continue reading: Admirals Drops Estonia License but Keeps Estonian Clients via Cyprus Entity
The buyback forms part of a wider restructuring. Admiral
Markets is also “exploring the possibility” to terminate trading of the Bonds
on the Nasdaq Tallinn Stock Exchange after completing the offer. The company
cited low trading activity and the small remaining volume as key reasons.
Delisting and Restructuring
The restructuring also includes the surrender of its
Estonian license. The financial regulator, Finantsinspektsioon, withdrew the license
in April after the company filed an application.
Admiral Markets has shifted its European operations to
Admirals Europe, a Cyprus-based entity regulated by the local authority.
This change consolidates its regulated business under one jurisdiction.
The company already reduced its bond exposure earlier this
year. In April, it repurchased 4,999 bonds from 99 investors at €103.21 per
bond. The current offer aims to retire the remaining balance and complete the
process.
The firm’s step to give up Estonian license follows its
continued effort to reduce the number of jurisdictions where it holds licenses.
Admirals sold its Australian unit to offshore broker PU Prime, giving the buyer
an Australian Financial Services license. Admirals announced the sale would
support profitability and streamline operations.
Admirals Cuts Global Footprint as Losses Widen
Admirals later cancelled its UAE license of its subsidiary after
the Financial Services Regulatory Authority approved the request effective last
November. The license allowed the firm to deal in investments as principal. The
company said the move forms part of a broader strategy to focus on
higher-growth regions.
The reduced operations globally have taken a hit on the brokers
financials. It posted a net loss of €5.9 million for the first half of last
year as trading activity declined across its core European markets. Net trading
income dropped to €13.3 million from €22.0 million a year earlier, while
operating expenses fell 20% to €18.3 million.
The company recorded 23,190 active clients during the period
and resumed onboarding new EU clients after a temporary pause linked to
regulatory compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term measures.
Admiral Markets AS has started a final effort to buy back
its remaining bonds as it prepares to leave the Nasdaq Tallinn Stock Exchange.
The move follows the company’s decision to give up its Estonian investment firm
license and shift operations elsewhere in Europe.
Final Bond Offer Details
The broker noted on Thursday that it is offering to
repurchase up to 8,476 Tier 2 bonds issued in 2017. The offer runs for around a month and is open only to current bondholders.
Admiral Markets has set the price at €101.02 per bond. This
includes the €100 nominal value, a €1 premium, and €0.02 in accrued interest.
The total nominal value of the remaining bonds is €847,600.
Investors must submit sell orders through their custodians,
with the firm noting that it may accept fewer bonds than offered but aims to
buy back the full amount.
Continue reading: Admirals Drops Estonia License but Keeps Estonian Clients via Cyprus Entity
The buyback forms part of a wider restructuring. Admiral
Markets is also “exploring the possibility” to terminate trading of the Bonds
on the Nasdaq Tallinn Stock Exchange after completing the offer. The company
cited low trading activity and the small remaining volume as key reasons.
Delisting and Restructuring
The restructuring also includes the surrender of its
Estonian license. The financial regulator, Finantsinspektsioon, withdrew the license
in April after the company filed an application.
Admiral Markets has shifted its European operations to
Admirals Europe, a Cyprus-based entity regulated by the local authority.
This change consolidates its regulated business under one jurisdiction.
The company already reduced its bond exposure earlier this
year. In April, it repurchased 4,999 bonds from 99 investors at €103.21 per
bond. The current offer aims to retire the remaining balance and complete the
process.
The firm’s step to give up Estonian license follows its
continued effort to reduce the number of jurisdictions where it holds licenses.
Admirals sold its Australian unit to offshore broker PU Prime, giving the buyer
an Australian Financial Services license. Admirals announced the sale would
support profitability and streamline operations.
Admirals Cuts Global Footprint as Losses Widen
Admirals later cancelled its UAE license of its subsidiary after
the Financial Services Regulatory Authority approved the request effective last
November. The license allowed the firm to deal in investments as principal. The
company said the move forms part of a broader strategy to focus on
higher-growth regions.
The reduced operations globally have taken a hit on the brokers
financials. It posted a net loss of €5.9 million for the first half of last
year as trading activity declined across its core European markets. Net trading
income dropped to €13.3 million from €22.0 million a year earlier, while
operating expenses fell 20% to €18.3 million.
The company recorded 23,190 active clients during the period
and resumed onboarding new EU clients after a temporary pause linked to
regulatory compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term measures.
