|JULY 29, 1999|
|EASDAQ Company Announcement: EASDAQ Announces Major New Shareholders as New Financial and Organisational Structure is Introduced|
|EASDAQ the pan-European stock market for international
growth and technology companies today announced the
following significant advances, designed to strengthen its
financial and organisational structure ahead of the
implementation of major new initiatives intended to boost
market expansion and competitiveness.
Completion of Capital Increase and Private Placement Round EUR 22.8 million raised against target of EUR 12 million
Commitment of Major New Shareholders Knight/Trimark, Morgan Stanley Dean Witter, Crea Invest, Tradepoint, Goldman Sachs
New Board Structure and Appointment of New Chief
Executive Officer Steffen Schubert appointed as new CEO
New International Advisory Board
Since its launch in November 1996, EASDAQ has pioneered the development of European markets dedicated to meeting the needs of growth companies and investors. Today, it is the only stock market operating on a truly pan-European basis, with a unified infrastructure including a single rulebook, single membership, single trading platform and a seamless link to pan- European clearing and settlement with Euroclear and Cedelbank. Unlike nearly all other European stock exchanges, EASDAQ is a truly commercial organisation, with a broad spread of international shareholders, and operates independently from any constraints of national interests, geography or exchange alliances.
On 22 June 1999, EASDAQ announced its intention to capitalise on its unique infrastructure by launching a new strategy to create the leading, low-cost platform for trading international growth and technology stocks in Europe. As part of this new strategy, EASDAQ will introduce new dual trading facilities for growth and technology stocks listed on other regulated markets in Europe, Israel and the US, alongside traditional EASDAQ IPOs and secondary offerings. In support of this new strategy, EASDAQ also announced plans to build a new automated trading platform and network in conjunction with TIBCO Finance Technology and MCI WorldCom.
It is against this background that the following announcements are made.
COMPLETION OF CAPITAL INCREASE AND PRIVATE PLACEMENT ROUND
EASDAQ completed its latest private placement on 28 July 1999. This was strongly over-subscribed, raising a total of EUR 22.8 million against an original target of EUR 12 million. As a result of this latest capital increase, EASDAQ's shareholding structure has changed as follows:
Shareholder or Shareholder Country Percentage Group Shareholding (post-increase) Knight/Trimark Group USA 18.92% ING Group Netherlands 7.92% Equitable Life Assurance UK 7.23% Society KBC Securities Belgium 6.98% Aros Securities (Unibank) Denmark 4.99% Apax Partners UK 4.96% Groupe Banques Populaires France 4.69% Standard Life Assurance UK 3.79% Company BancBoston Robertson USA 3.75% StephensDeutsche Bank Germany 2.57% Deutsche Bank Germany 2.57% Morgan Stanley Dean Witter USA 2.44% Crea Invest Denmark 2.44% Tradepoint UK 2.43% Goldman Sachs USA 1.22% Sub Total 74.33% Other Shareholders 25.67% Total 100.00% new shareholders
COMMITMENT OF MAJOR NEW SHAREHOLDERS
In addition to carrying the continued support of existing shareholders, EASDAQ has acquired a number of major new shareholders as part of this latest equity round Knight/Trimark Group, Morgan Stanley Dean Witter, Crea Invest, Tradepoint and Goldman Sachs.
The added support of such heavyweight international investment banks and market makers provides concrete evidence of growing support for EASDAQ's new dual trading strategy in advance of its launch later this year.
The largest shareholder in EASDAQ is now Knight/Trimark Group (Nasdaq: NITE) of the US the largest market maker on Nasdaq. Knight/Trimark is in the course of establishing a major European presence and intends to build significant trading volumes on EASDAQ.
Following Nasdaq, Tradepoint becomes the second stock market to enter EASDAQ's capital, having only recently completed its own capital restructuring with the support of new shareholders including Morgan Stanley Dean Witter, JP Morgan, Warburg Dillon Read, Instinet, American Century and the Archipelago ECN (Goldman Sachs, E*TRADE and others).
NEW BOARD STRUCTURE AND APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER
At a Shareholders' Meeting held on 28 July, the following Board Members were elected, to serve with effect from 1 August 1999.
Name Title Company Country Stanislas Independent UK Yassukovich Ronald Cohen Chairman Apax Partners & Co UK Jos Peeters Managing Capricorn Venture Belgium Director Partners Steffen CEO EASDAQ Belgium Schubert Andrew Beeson CEO Beeson Gregory UK Jan Callewaert CEO Option International Belgium Léo Goldschmidt Independent Belgium Helmut Horvath Chairman EASD Austria Jerker COO Morgan Stanley USA Johansson Dean Witter Richard Kilsby CEO Tradepoint UK Hessel Executive ING Group Netherandsl Lindenbergh Board Kenneth President & Knight/Trimark USA Pasternak CEO Group Stephen Managing BancBoston USA Schweich Director Robertson Stephens Michel Managing KBC Securities Belgium Vanderkeilen Director Marc Wauthoz Managing SPEF/Groupe France Director Banques Pop.
EASDAQ also announced the appointment of Steffen Schubert as its new Chief Executive Officer, a position held on an interim basis by Stanislas Yassukovich, EASDAQ Chairman, since 1 May 1999. Mr Schubert will sit on the EASDAQ Board (see above) and was previously Managing Director of the Bayerische Börse in Munich, Germany. This appointment will become effective on 1 September 1999.
Stanislas Yassukovich, EASDAQ Chairman, said: We are delighted that Steffen has decided to join EASDAQ and look forward to the contribution he will undoubtedly make in providing new leadership at an important stage in our development. His wide ranging management, securities market, commercial and technology background includes all the elements needed to implement our new strategy to become the leading trading platform for growth and technology stocks in Europe.
NEW INTERNATIONAL ADVISORY BOARD
In parallel, EASDAQ has created a new International Advisory Board. This will advise the main Board, and will add significant value through the provision of wide ranging and in- depth financial markets experience in support of EASDAQ's development. Membership of the International Advisory Board is still in the process of being finalised and will be announced shortly.
Commenting on the overall package of announcements, Stanislas Yassukovich, EASDAQ Chairman, said: This provides a solid foundation for EASDAQ as we move forwards with the implementation of our new strategy to become the leading trading platform in Europe for international growth and technology stocks. The endorsement of this strategy by existing and new shareholders is extremely valuable, and will undoubtedly be instrumental in encouraging other major international financial institutions to join us. We also now have the organisation and leadership in place to capitalise on EASDAQ's unique strengths and are confident of the growth prospects which lie ahead for us at a time of significant change in the restructuring of European stock markets.
Notes to editors:
EASDAQ is the pan-European stock market for international growth and technology companies. Founded upon the belief that Europe's economic future lies in the advancement of high- growth, value added sectors, EASDAQ provides companies in these sectors with a broad geographic spread of institutional and retail investors within a highly regulated, liquid market and offers easy dual listing with Nasdaq. With a single rulebook, a single membership and seamless pan-European trading and settlement operations, EASDAQ's unified structure offers all market participants a solid platform for growth irrespective of national boundaries.
EASDAQ has 49 listed companies with a total market capitalisation of EUR 21 billion. The EASDAQ All-Share Index (EASI) has risen 30.84% since the beginning of 1999, making it the highest performing growth company stock market worldwide this year. For more information on EASDAQ, please visit http:///www.easdaq.com (market data as of 23 July 1999)
To be appointed Chief Executive Officer of EASDAQ with effect from 1 September 1999, Steffen Schubert has 14 years experience in the combined fields of general management, international marketing and technology solutions within the financial markets sector.
Following an early apprenticeship in the German banking sector, Mr Schubert studied at the universities of Zurich and Frankfurt and holds a degree in Business Administration. His subsequent career within the finance industry has given him a broad range of complementary experience in the securities markets arena gained through an information vendor, exchange system developer, banking systems house, and finally through managing a stock exchange itself.
For the last eight years, he has been directly involved in various aspects of the development of international securities markets. His new role will allow him to draw upon this combined experience to help in forming EASDAQ's future in a rapidly changing and competitive global environment.
1986-1987 Bridge Data (Frankfurt) n Support Manager, Germany 1987-1991 Bridge Information Systems (Frankfurt, Zurich, Vienna) n Managing Director 1991-1995 OM Systems International (Stockholm) n Senior Vice President, Marketing & Sales 1996-1998 Siemens-Nixdorf Information Systems (Frankfurt, Munich) n International Marketing & Sales Manager (Financial Industry Application Software) 1998-1999 Bayerische Börse (Munich Stock Exchange) n Managing Director