The shareholders of the Latvian financial technology or fintech company DelfinGroup decided at today's meeting to authorise the Management Board of the joint stock company to make a public offer for a bond issue of up to 15 million euros in Latvia, Lithuania and Estonia.
At a meeting convened today, 25 July, shareholders approved the company's intention to organise a new bond issue in the Baltic States. The Management Board of DelfinGroup is therefore authorised to sign the prospectus for the public offer of the bond issue and to take all necessary steps to commence the coordination and approval of the public offer with the Bank of Latvia, as well as the listing and trading of the bonds on Nasdaq Riga, the regulated corporate bond market in the Baltics.
The company plans to issue a total of 15 million euros in bonds in all three Baltic States, attracting retail and institutional investors. The funds raised will be used to refinance existing bonds and liabilities.
The Management Board intends to target its bond issuance towards the private retail investor sector, therefore offering bonds with a lower nominal value, making them more accessible to a wider range of investors.
Didzis Ādmīdiņš, Chairman of the Management Board of DelfinGroup, comments on the shareholders' decision: “DelfinGroup has been a high-performing bond issuer since 2013, and its current financial results show that the company is also growing rapidly. In 2023, the company's revenue increased by 41% to 50.4 million euros, while pre-tax profit was 8.3 million euros. In the first quarter of this year, revenue was up 26% compared to the same period last year. Each month, a coupon is paid to bondholders, providing a stable and predictable income. To date, more than 9 500 shareholders and 500 bondholders have shown their confidence in our company, and this number will grow with the issuance of public bonds. This is the first time that a bond offer organised by DelfinGroup will be public and open to all interested parties. We plan to offer the bonds to both retail and institutional investors, by offering them at a lower nominal value."
Following the preparation and approval of the prospectus by the Bank of Latvia, DelfinGroup will announce the terms of the offer, including the subscription period and coupon rate.
The company first issued bonds in 2013 and has been a publicly traded company on Nasdaq Baltic Main List since 2021.
Disclaimer: This announcement is an unpaid marketing communication in accordance with the Prospectus Regulation and does not constitute investment advice or an offer. The information provided herein contains general forward-looking statements on the intended Public Offering of notes of AS DelfinGroup. Every investment decision must be based on a base prospectus approved by the Bank of Latvia. An approved prospectus will be published on AS DelfinGroup website once available.
About DelfinGroup
AS DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia and Lithuania. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company regularly pays dividends to its shareholders. The sustainability of DelfinGroup is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy.
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