Flexdeal takes 19% capital of Raize

 In Development, Finance, Funds, News

Flexdeal, the first and only Real Estate Investment Company for Economic Development (SIMFE) in Portugal, now holds 950,000 shares in the payments company Raize, corresponding to 19% of the company’s share capital.

The news comes after a successful Public Acquisition Offer (PAO) whose results were published on Tuesday.
As a result of the offer, more than 2 million orders of sale (2,807,028 shares), which caused the CEO of Euronext Lisbon to call the operation a “success” at a virtual session in which the results of the PAO were announced on 29 December.
The CEO and co-founder of Flexdeal took the opportunity of the occasion to thank the company “for being able to see this offer as not a hostile one” and insisted that both together increase the share in the market.
“This is just one more step in the strategy and commitment taken on. It is a positive signal for the capital market — not because of the size or the amount involved, but because of its characteristics, involving two listed companies — for Portuguese SMEs and for the companies involved,” said Flexdeal co-founder Alberto Amaral.
“Flexdeal was the first SIMFE listed on Euronext. These economic development instruments are legally interesting because they can give small companies indirect access to sources of finance they would otherwise find difficult to access on the capital markets and could benefit from a simplified registration and supervisory regime with the Portuguese capital markets regulator CMVM, as well as a lower tax benefits in which the taxation would not fall on the company,” said Euronext, Managing Board Member Isabel Ucha.
The preliminary announcement about the Flexdeal PAO was made at the end of October and was in respect of 950,000 Raize shares, which represents around 19% of the crowdfunding company, with the offered price of €0.90 per share, with the proposal that Flexdeal offer €855,000 for 19% of Raize.