Information to Audientes A/S shareholders
Information regarding Audientes’ change of listing from Nasdaq First North Growth Market to Spotlight Stock Market.
Audientes is carrying out a change of listing venue from Nasdaq First North Growth Market (“First North”) to Spotlight Stock Market (“Spotlight”). On this page you will find more information on this change of trading platform, the next steps, whether you as a shareholder need to act, as well as the answers to the questions you may have regarding your current holdings in Audientes.
Why is Audientes moving from First North to Spotlight?
Audientes has, since its IPO on First North in September 2020, built a broad ownership base of 2,700 shareholders, of which nearly 99 percent are based in Denmark. The next phase of our ambitious plan to create a leading Scandinavian actor in this new market for smart hearing health solutions, is to internationalize the investor base, which can commence by changing to Spotlight – a pan-Nordic trading platform with a strong presence in the mature Swedish investor community and a higher share turnover than in the Danish listed companies.
Audientes’ Board of Directors believes the change to Spotlight will be a better fit for Audientes as Spotlight’s strong presence in Sweden and in other Nordic countries has the potential to improve liquidity in the Audientes share and reduces the risk that sellers can’t attract buyers, resulting in a risk of greater price fluctuations, as evidenced by the larger number of Swedish investors and the higher share turnover in the Swedish market.
When does the change of trading platform happen?
Audientes' application to change listing from First North to Spotlight has been approved by both First North and Spotlight. The estimated last day of trading in Audientes’ shares on First North is September 16, 2022, and the estimated first day of trading on the Danish segment of Spotlight is the following banking day, September 19, 2022.
What is Spotlight?
Spotlight, a Swedish/Nordic marketplace, was founded in 1997 and has since then operated a marketplace for trade in shares and other financial instruments in the form of a multilateral trading facility (“MTF”). Spotlight is, since September 2020, an authorized SME-market.
The object of Spotlight is to enable companies to raise capital from investors, and to provide a marketplace making it easier, more secure, and more transparent, both for the listed company and for investors. Spotlight is available to companies that meet the listing requirements but is particularly intended for growth companies.
The first Danish company to be listed at Spotlight was in 2014, but with a Swedish holding company. Since 2018, it is possible for Danish companies to be listed with the Danish corporate structure, and in Danish kroner. Today there are six Danish companies listed on the Danish segment of Spotlight. The Danish segment of Spotlight is still a Swedish marketplace regulated by the Swedish Financial Supervisory Authority, but with the possibility to have the Danish company structure unchanged. Spotlight is a subsidiary of Spotlight Group AB.
Is this change of marketplace beneficial for Audientes investors?
Audientes’ Board of Directors believes the change to Spotlight will be a better fit for Audientes as Spotlight’s strong presence in Sweden and in other Nordic countries has the potential to improve liquidity in the Audientes share. Greater liquidity is always attractive for our shareholders, and that is what we expect at Spotlight.
Will this change of trading platform have a negative impact on my Audientes shares?
Audientes' Board of Directors assesses that the change of trading platform will not be detrimental to the interest of the investors and the company in general. The Board of Directors believes that the change will attract additional investors, position Audientes in a cost-optimized environment with an increased number of Nordic investors
As a shareholder, do I need to take any specific actions?
There will be no need for any actions from existing shareholders who can still see their shares in their deposits. The trading on Spotlight will use the existing ISIN code and ticker name. A list of banks that are currently trading members of Spotlight, and banks that can trade through other trading members, can be found via the following link.
If you are using a bank that is currently not a trading member of Spotlight and not able to trade through another trading member either, please see the next question.
My bank is currently not a trading member of Spotlight. What do I do?
A recommendation for existing shareholders of Audientes with their holdings in banks that are not on this list, is to contact their bank in order to evaluate if they will be affected or if the bank can assist in any way. Because of this shift, you might encounter some minor issues accessing your stocks through your bank’s netbank for a period of time. You can still access your stocks through your phone brokerage at your bank.
These netbank issues are caused by the fact that your bank has not yet agreed to an onboarding process on Spotlight Stock Markets trading system enabling them to provide full client access to all shares listed on Spotlight Stock Market.
Spotlight is continuing to onboard all banks in Denmark. For more information on when your bank will finish their onboarding on Spotlight Stock Markets trading system, please contact your local bank representative.
To manage, sell, and buy your Audientes shares during the period when your bank is not integrated in Spotlights trading system you can go through the two following options:
Set up a Nordnet depot Account and have your shares moved over to this for easy management through this link: Nordnet
To setup an account follow the video instructions below. Should you need support, please contact Spotlight at firstname.lastname@example.org
To move your shares from your bank to Nordnet, follow this link or watch these video instructions below:
Will potential investors be able to find Audientes if it is listed on the Spotlight Market Place?
Yes, investors will be able to find Audientes on Spotlight here, and by then searching on the company name or ticker name.
Will there be changes in legislation applicable for shareholders?
There are no significant changes in legislation applicable for the shareholders, the company or the company’s disclosure requirements.
One consequence of the change of marketplace is that Audientes will no longer appoint an external Certified Adviser, as Spotlight provides issuer surveillance and advisory in-house.
Furthermore, once listed on the Danish segment of Spotlight, Audientes will – in addition to Q1-, Q2-, Q3-reports and annual reports, also publish Year-end/Q4 reports, as this is in line with the regulations of Spotlight.
Will the change in trading platform incur any additional costs for me as an Audientes shareholder?
No, the change of trading platform itself will not incur costs for the individual shareholder, but if the shareholder needs to change banks, costs may come with that.
Will I be able to trade my Audientes shares from the first day of trading on Spotlight?
Yes, for the shareholders holding the shares in an account at a bank that is able to trade at Spotlight, the trading will commence simultaneously for all.
Will Audientes become a Swedish stock?
Audientes will remain a Danish company, traded in Danish kroner. The company will be reporting to both the Danish financial authority as well as the Swedish financial authority. The reason for this is so that Audientes can be marketed to both Danish and Swedish investors.
Will trading fees be higher for shareholders on Spotlight?
Depending on the bank you are using, transaction fees may vary. It is our observation that Spotlight transaction fees are mostly on a par with First North, but with fees for lower transactions running a little higher.
Is there a risk that I will not be able to buy and sell Audientes shares on Spotlight?
If you are using a bank that does not currently have access to Spotlight's trading system, then you may encounter issues buying or selling Audientes shares until such time as the bank in question completes the Spotlight trading system onboarding. To find out if your bank can trade Spotlight stocks, please see this list.
What about the tax implications, if any?
You will be taxed in exactly the same way you were with Audientes listed on First North.
How much does it cost to change marketplace?
There are no additional costs to Audientes.
You say Spotlight has better liquidity than First North? Do you have statistics to support this claim?
Please contact Spotlight directly at email@example.com to receive data on trading volumes.