3,000 snap up Sporting shares

Portugal’s famous football club Sporting has already netted €40 million from floating 3,336 shares on the market which were eagerly snapped up by investors and fans.

Half of the investors (56.4%) bought €5,000 worth of shares. The shares mature in 2024 when investors will bag a 5.25% gross fixed interest payout in addition to the principal.
The announcement about the float was made on Tuesday by Euronext (the Lisbon stock market).
Aimed at the general public and fans, the offer ended on Monday with 3,336 investors signing up for the shares.
At the end of last week, SAD which is managed by Federico Varandas decided to increase the maximum amount of the bond loan from €30 million to €40 million.
According to information from the CMVM demand from the shares exceeded €53 million with more than half of the investors signing up for between €2,000 and €5,000 (56.4%). 21% purchased up to €10,000; 20% up to €50,000; and 2.4% (over €50,000) were snapped up by 79 investors.
This fresh bond issue (the last was in 2018) served to raise cash to repay interim financing resulting from a securitisation operation from Sagasta Finance to the tune of €26.7 million, resulting from the increased cost from buying and selling television rights contracts signed with NOS, and which was drawn up to also pay the 2018 bond payout to shareholders when that bond issue matured on 26 November.
Any remaining cash raised from the bonds will use used to “develop Sporting’s current activities”.