Curmi & Partners

IPO - BMIT Technologies plc

BMIT IPO - Offer for sale by GO plc of 99,761,701 ordinary shares of a nominal value of €0.10 each in BMIT Technologies plc 

Download the Prospectus here

BMIT Technologies plc ("BMIT" or "the Company"), a subsidiary of Go plc, provides colocation, cloud and managed services to its clients. Go plc has announced its intention to list BMIT on the Malta Stock Exchange (MSE) which was approved by shareholders following an EGM which was convened on the 3rd December 2018.

Offer:

99,761,701 Ordinary Shares

Issuer: BMIT Technologies plc
Nominal value per share: €0.10
Offer Price per share: €0.49

The Company has managed to grow its business over the years, mainly as a result of Malta’s success in the gaming industry, financial services and telecommunications. In addition to data centre services, BMIT offers cloud and Managed IT services. BMIT operates 2 data centres and 2 point of presence (“POP”) with 58 employees as at the end of 2017. The company currently has 500 customers in Malta, the United States, Spain and the United Kingdom with around 80% of its client base operating in the gaming industry. Service agreements are signed with all clients and are usually for a one year period, renewable automatically every year, unless terminated with a period’s notice. Data centre revenue comprises 60% of total revenue with cloud and managed services making up 30% and hardware sales making up the remaining 10%.

Use of Proceeds:

The proceeds from the IPO, which net of expenses are expected to amount to approximately €48 million, shall be for the benefit of the Offeror, which, through such Offer, aims to realise part of its investment in the Company and ultimately the Group. The Offer does not constitute an issuance of additional Shares by the Company and accordingly, pursuant to the Offer, no funds are being raised for the use of the Company.

In the event that following the closing of the Offer Period total subscriptions for Shares do not equate to at least 25% of the issued share capital of the Company, no allotment of Shares will be made, the subscription for Shares shall be deemed not to have been accepted by the Offeror and all proceeds received from Applicants shall be refunded accordingly

Expected Timetable:

Application forms mailed to GO Shareholders

11th January

Pre-Allocation Date 23rd January
Closing date for applications to be submitted by Preferred Applicants and the general public  31st January
Expected announcement of basis of acceptance 7th February
Expected commencement of trading on the MSE 18th February

Disclaimer
The information above is solely provided for informational purposes and is not to be interpreted as investment advice, or to be used or considered as an offer or a solicitation to sell, or an offer or solicitation to buy or subscribe for any financial instruments, nor to constitute any advice or recommendation with respect to such financial instruments. The information contained in this note is based on public information, included that provided at stockbroker meetings. Investors are urged to read the Prospectus. The value of investments can fall as well as rise and past performance is no indication of future performance. Curmi and Partners Ltd. is a member of the Malta Stock Exchange, and is licensed by the MFSA to conduct investment services business