Latest News
Euroclear achieves strong first quarter results
BRUSSELS, April 30, 2024 /PRNewswire/ — Results for the first quarter ending 31 March 2024
Financial highlights (excluding impacts from Russian sanctions)
- On an underlying basis, business income reached €423 million, an increase of 2% year-on-year. When excluding an exceptional billing adjustment, underlying business income would have increased by 3% compared to last year.
- Quarterly underlying interest income increased by 19% to €283 million driven by prevailing interest rates.
- Underlying operating expenses increased by 5% to €321 million. Following a step-up in investment in 2023 to support our strategic ambition to enhance digital capabilities and IT infrastructure, expenses growth is trending back towards the ‘through-the-cycle’ target of 4-6% on a full-year basis.
- Underlying operating profit increased by 12% to €385 million and underlying net profit increased by 13% to €289 million, supported by a very robust business performance and helped by sustained high interest rates.
- Underlying earnings per share rose by 13% to €91.8 per share, reflecting the continued increase in net profit.
- Underlying EBITDA margin increased by 1.7 percentage points to 58.7% on year-on-year basis.
- The impacts of Russian sanctions are highlighted in a dedicated section at the end of this press release.
Euroclear Holding |
||||||||
(€ m) |
Q1 2023 |
Russian |
Q1 2023 Underlying |
Q1 2024 |
Russian |
Q1 2024 Underlying |
Underlying vs 2023 |
|
Operating income |
1,380 |
729 |
651 |
2,289 |
1,583 |
706 |
55 |
8 % |
Business income |
409 |
-5 |
414 |
416 |
-6 |
423 |
9 |
2 % |
Interest, banking & other income |
971 |
734 |
237 |
1,872 |
1,589 |
283 |
46 |
19 % |
Operating expenses |
-315 |
-9 |
-307 |
-338 |
-17 |
-321 |
-14 |
-5 % |
Operating profit before Impairment |
1,065 |
720 |
344 |
1,951 |
1,566 |
385 |
41 |
12 % |
Impairment |
-2 |
-1 |
-1 |
-2 |
0 |
-2 |
-1 |
|
Pre-tax profit |
1,063 |
720 |
343 |
1,949 |
1,566 |
383 |
39 |
11 % |
Tax |
-267 |
-180 |
-87 |
-485 |
-391 |
-94 |
-7 |
-8 % |
Net profit |
796 |
540 |
256 |
1,463 |
1,174 |
289 |
33 |
13 % |
EPS |
81.4 |
91.8 |
||||||
Business income operating margin |
25.9 % |
24.1 % |
||||||
EBITDA margin |
57 % |
58.7 % |
Lieve Mostrey, Chief Executive Officer of Euroclear Group, commented:
“Euroclear continues to perform extremely well, as we achieved another very strong quarter and delivered on our strategy, particularly in the funds business. We made significant progress in developing Euroclear FundsPlace by teaming up with new partners such as iCapital or Spuerkeess and making a strategic investment in blockchain-based funds marketplace IZNES. Providing access to a wide range of funds services, Euroclear FundsPlace delivers risk-mitigation, automation and efficiency at scale to a growing number of clients.
In this first quarter of 2024, the Russian sanctions and countermeasures continued to have a material impact on our operations. We are closely following the discussions at EU level about the use of profits generated by the Russian immobilised assets. Our teams continue to respond well to this unprecedented situation and remain focused on minimising the legal, operational, financial and reputational risks for our company and our clients while maintaining normal business operations.
As Valérie Urbain is now taking over as CEO of Euroclear, I feel proud and honoured to have been able to lead Euroclear’s growth journey and further reinforce our position as trusted financial market infrastructure. The dedication of our colleagues across all locations, the support of all Euroclear stakeholders – including the Board, our shareholders, customers and partners – have been critical to our success. I am very grateful to everyone involved and will keep Euroclear close to my heart. I know that I leave the company in safe and capable hands.”
Business performance
The key operating metrics (end of period unless stated otherwise) demonstrate a strong business performance during the period.
Q1 2023 |
Q1 2024 |
YoY evolution |
3-year CAGR |
|
Assets under custody |
€36.6 trillion |
€39.1 trillion |
+7 % |
+4.6 % |
Number of transactions |
79.1 million |
80.6 million |
+2 % |
1.9 % |
Turnover |
€281 trillion |
€274 trillion |
-3 % |
+4.7 % |
Fund assets under custody |
€2.9 trillion |
€3.3 trillion |
+13 % |
+6.5 % |
Collateral Highway |
€1.75 trillion |
€1.8 trillion |
+3 % |
+2.6 % |
Underlying cash deposits (average) |
€25.1 billion |
€22.3 billion |
-11 % |
+2.3 % |
With the continued increase in equity market valuations coupled with robust results in fixed income, assets under custody have reached a new record at €39.1 trillion (+7%), growing for the sixth quarter in a row.
Funds assets under custody were boosted by ETF growth and higher stock markets valuations and reached an all-time record level.
The Collateral Highway outstanding progressively recovered thanks to favourable market conditions characterised by the stabilisation of monetary policy and the prospect of lower interest rates in the coming quarters.
Milestones in global funds strategy
The first quarter of 2024 was marked by a number of achievements in developing Euroclear’s funds business, a key pilar in the company’s strategy. Euroclear FundsPlace offers fund management companies, banks, institutional investors and custodians a single point of access to more than 250,000 funds.
In Q1 2024, Euroclear acquired a stake in IZNES, a pan-European funds marketplace based on blockchain technology[1]. Through this strategic partnership, Euroclear will complement its funds services on the French market and beyond and continue to support the development of innovative funds distribution models.
Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess) has announced in February 2024 that it will be moving the majority of its fund portfolio to Euroclear FundsPlace in order to centralise the distribution and execution services of its funds. Euroclear’s funds platform will manage the lion’s share of Spuerkeess’ portfolio from now on and collect trailer fees on external custodians as well.
Euroclear also announced a partnership with global fintech platform iCapital. Euroclear’s clients will gain enhanced access to a broader range of alternative investments, including private equity, private credit, real estate, infrastructure, and hedge funds. The iCapital funds available on iCapital Marketplace will complement and expand Euroclear FundsPlace’s current offerings.
Euroclear hosted its first major funds-dedicated conference – Euroclear FundsCo – in London on 26 March. This inaugural Euroclear funds event brought together more than 200 senior representatives from across the funds industry to discuss future global trends.
Euroclear’s open architecture helps streamline collateral management Euroclear’s international Central Securities Depository, Euroclear Bank, has become an eligible securities collateral location of Eurex Clearing AG. Through this partnership, clients of Euroclear Bank and Eurex Clearing will be able to post collateral directly to Eurex Clearing with the ability to further optimise the pool of collateral held in Euroclear Bank. The service offering increases operational efficiency for market participants and streamlines the collateral management process. Eurex Clearing already uses Euroclear Bank as an eligible securities settlement location.
Russian sanctions
Financial impacts of the Russian assets in Q1 2024
- The Russian sanctions and countermeasures continue to have a significant impact on Euroclear’s earnings, as €1.6 billion of the €1.9 billion interest income relate to Russian sanctioned assets.
- The sanctions and Russian countermeasures resulted in direct costs of €17 million and a loss of business income of €6 million.
- Euroclear’s net profit related to the Central Bank of Russia’s (CBR) immobilised assets as from 15 February amounts to €557 million and will be reported and retained separately.
Euroclear Holding |
|||||
(€ m) |
Q1 2023 |
o/w Russian |
Q1 2024 |
o/w Russian |
o/w |
Operating income |
1,380 |
729 |
2,289 |
1,583 |
746 |
Business income |
409 |
-5 |
416 |
-6 |
0 |
Interest, banking & other income |
971 |
734 |
1,872 |
1,589 |
746 |
Operating expenses |
-315 |
-9 |
-338 |
-17 |
-3 |
Operating profit before Impairment |
1,065 |
720 |
1,951 |
1,566 |
742 |
Impairment |
-2 |
-1 |
-2 |
0 |
0 |
Pre-tax profit |
1,063 |
720 |
1,949 |
1,566 |
742 |
Tax |
-267 |
-180 |
-485 |
-391 |
-186 |
Net profit |
796 |
540 |
1,463 |
1,174 |
557 |
Update on Russian sanctions and countermeasures
Russia’s invasion of Ukraine resulted in market-wide application of international sanctions. Euroclear considers the application of international sanctions as a key priority. Therefore, well established processes are in place which have allowed the group to implement the sanctions while maintaining our normal course of business.
As a result of the sanctions, blocked coupon payments and redemptions owed to sanctioned entities continue to accumulate on Euroclear Bank’s balance sheet. At the end of Q1 2024, Euroclear Bank’s balance sheet totalled €199 billion, of which €159 billion relate to sanctioned Russian assets.
In line with Euroclear’s Risk Appetite and Policies and as expected by the EU Capital Requirements Regulation, Euroclear’s cash balances are re-invested to minimise risk and capital requirements. In the first quarter of 2024, interest arising on cash balances from Russian-sanctioned assets was approximately €1.6 billion. Such interest earnings are driven by the prevailing interest rates and the amount of cash balances that Euroclear is required to invest. Subject to Belgian corporate tax, these earnings generated almost €400 million tax revenue for the Belgian State. As such, future earnings will be influenced by the evolving interest rate environment.
Effective 15 February 2024, the EU Council adopted a Regulation[2] providing for an obligation for Central Securities Depositories holding reserves and assets of the Central Bank of Russia[3] to apply specific rules in relation to the cash balances accumulating due to restrictive measures. These central securities depositories, including Euroclear, should account for and manage such extraordinary cash balances separately from their other activities, should keep separate the net profit generated and should not dispose of these ensuing net profits (e.g. in the form of dividends to shareholders). Euroclear has since the imposition of sanctions reported the profitability separately and now, in addition, Euroclear is reporting separately the profitability related to the Central Bank of Russia’s immobilised assets as from 15 February 2024 – as disclosed in the table above.
Euroclear continues to act prudently and to further strengthen its capital by retaining Russian sanction related profits as a buffer against current and future risks. There are still many unknown risks given the current external climate and how it could evolve.
Various parties in Russia contest the consequences of the application of sanctions, with a significant number of legal proceedings ongoing, almost exclusively in Russian courts. The impact of the lawsuits on Euroclear is uncertain but the probability of unfavourable rulings is high since Russia does not recognise the international sanctions. Euroclear will continue to defend itself against all legal claims.
Euroclear notes that various options to use profits generated by sanctioned amounts held by financial institutions, including Euroclear, for the financing of Ukraine are being considered. Euroclear is focused on minimising potential legal, financial and operational risks that may arise for itself and its clients from the implementation of any proposals made or measures taken, while complying with its obligations.
Annexes
Infographic – https://mma.prnewswire.com/media/2401629/Euroclear1_Infographic.jpg
Euroclear Bank and Euroclear Investments are the two group issuing entities. The summary income statements and financial positions at Q1 2024 for both entities are shown below.
Figures in Million of EUR |
Q1 2024 |
Q1 2023 |
Variance |
|||
Euroclear Bank Income Statement (BE GAAP) |
||||||
Net interest income |
1,875.3 |
970.0 |
905.3 |
|||
Net fee and commission income |
271.4 |
270.5 |
0.9 |
|||
Other income |
-3.6 |
5.8 |
-9.4 |
|||
Total operating income |
2,143.1 |
1,246.3 |
896.8 |
|||
Administrative expenses |
-234.5 |
-200.5 |
-34.0 |
|||
Operating profit before impairment and taxation |
1,908.6 |
1,045.8 |
862.8 |
|||
Result for the period |
1,430.9 |
782.1 |
648.7 |
|||
Euroclear Bank Statement of Financial Position |
||||||
Shareholders’ equity |
7,466.7 |
3,384.2 |
4,082.4 |
|||
Debt securities issued and funds borrowed (incl. subordinated debt) |
4,474.1 |
5,503.2 |
-1,029.1 |
|||
Total assets |
198,758.0 |
140,460.8 |
58,297.2 |
Euroclear Investments Income Statement (BE GAAP) |
Q1 2024 |
Q1 2023 |
Variance |
|||||||||||||
Dividend |
0.0 |
0.0 |
0.0 |
|||||||||||||
Net gains/(losses) on financial assets & liabilities |
2.0 |
2.5 |
-0.5 |
|||||||||||||
Other income |
-0.2 |
-0.1 |
-0.1 |
|||||||||||||
Total operating income |
1.9 |
2.5 |
-0.6 |
|||||||||||||
Administrative expenses |
-0.3 |
-0.1 |
-0.2 |
|||||||||||||
Operating profit before impairment and taxation |
1.6 |
2.4 |
-0.8 |
|||||||||||||
Result for the period |
1.1 |
1.8 |
-0.7 |
|||||||||||||
Euroclear Investments Statement of Financial Position |
||||||||||||||||
Shareholders’ equity |
700.5 |
668.2 |
32.4 |
|||||||||||||
Debt securities issued and funds borrowed |
1,663.5 |
1,664.5 |
-1.0 |
|||||||||||||
Total assets |
2,364.7 |
2,333.5 |
31.3 |
|||||||||||||
These figures are unaudited. The computation of application of article 1.8 of EU n°2024/576 is pending implementation of the final text and procedures which could still change the figures.
About Euroclear
Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency, and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives, and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation, and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & International.
[1] The transaction is subject to customary closing conditions and regulatory approvals.
[2] Council Regulation (EU) 2024/576 of 12 February 2024 amending Regulation (EU) 833/2014
[3] With a total value of more than € 1 million
Logo – https://mma.prnewswire.com/media/2064818/Euroclear_logo.jpg
![Euroclear Logo Euroclear Logo](https://mma.prnewswire.com/media/2064818/Euroclear_logo.jpg)
View original content:https://www.prnewswire.co.uk/news-releases/euroclear-achieves-strong-first-quarter-results-302131879.html
Latest News
Regulators Issue Joint Warning on Bank-Fintech Risks
Regulators have issued a joint warning highlighting the risks associated with partnerships between banks and fintech companies. This warning underscores the need for careful management of these relationships to ensure regulatory compliance and mitigate potential risks.
Overview of the Joint Warning
The joint warning, issued by a coalition of financial regulators, emphasizes the importance of robust risk management practices when banks partner with fintech companies. These partnerships, while beneficial in driving innovation and enhancing customer services, also introduce new risks that must be addressed.
Key Points of the Warning:
- Regulatory Compliance: Banks must ensure that fintech partners comply with all relevant regulations and standards.
- Risk Management: Robust risk management frameworks must be in place to identify, assess, and mitigate risks associated with fintech partnerships.
- Data Security: Ensuring the security and privacy of customer data is paramount, particularly given the increasing prevalence of cyber threats.
- Operational Resilience: Banks must ensure that fintech partnerships do not compromise their operational resilience and ability to deliver critical services.
Benefits of Bank-Fintech Partnerships
Despite the risks, partnerships between banks and fintech companies offer significant benefits, driving innovation and enhancing the customer experience.
Key Benefits:
- Innovation: Fintech companies bring innovative technologies and solutions that can enhance banking services and products.
- Customer Experience: Partnerships with fintechs can improve the customer experience by offering faster, more efficient, and personalized services.
- Cost Efficiency: Fintech solutions can help banks reduce costs and improve operational efficiency through automation and digitalization.
Risks Associated with Bank-Fintech Partnerships
The joint warning highlights several risks associated with bank-fintech partnerships that must be carefully managed.
Key Risks:
- Regulatory Risk: Ensuring compliance with complex and evolving regulatory requirements is a significant challenge.
- Cybersecurity Risk: Fintech partnerships can introduce cybersecurity vulnerabilities, making it essential to implement robust security measures.
- Operational Risk: The integration of fintech solutions into banking operations can pose operational risks, particularly if not managed effectively.
- Reputational Risk: Any issues or failures in fintech partnerships can damage the bank’s reputation and customer trust.
Strategies for Managing Risks
To mitigate the risks associated with fintech partnerships, banks must adopt comprehensive risk management strategies and ensure rigorous oversight.
Key Strategies:
- Due Diligence: Conducting thorough due diligence on fintech partners to assess their regulatory compliance, security practices, and financial stability.
- Contractual Safeguards: Including robust contractual safeguards in partnership agreements to outline responsibilities, expectations, and compliance requirements.
- Continuous Monitoring: Implementing continuous monitoring and assessment of fintech partnerships to identify and address emerging risks.
- Collaboration with Regulators:: Engaging with regulators to ensure that partnerships comply with regulatory requirements and to stay informed of any changes in the regulatory landscape.
The Role of Technology
Technology plays a crucial role in managing the risks associated with bank-fintech partnerships, offering tools and solutions that enhance oversight and compliance.
Key Technologies:
- RegTech Solutions: Regulatory technology (RegTech) solutions can automate compliance processes, ensuring that fintech partnerships adhere to regulatory requirements.
- Cybersecurity Tools: Advanced cybersecurity tools and solutions can enhance the security of fintech partnerships, protecting against cyber threats.
- Risk Management Platforms: Integrated risk management platforms can provide real-time visibility into partnership risks and support proactive risk mitigation.
Conclusion
The joint warning issued by regulators highlights the need for careful management of bank-fintech partnerships to ensure regulatory compliance and mitigate potential risks. While these partnerships offer significant benefits, including innovation and enhanced customer experience, they also introduce new risks that must be addressed through robust risk management strategies. By leveraging technology and engaging with regulators, banks can effectively manage these risks and capitalize on the opportunities presented by fintech partnerships.
Source of the news: American Banker
The post Regulators Issue Joint Warning on Bank-Fintech Risks appeared first on HIPTHER Alerts.
Latest News
Nasdaq Profit Beats Estimates as Fintech Sales Soar
Nasdaq Inc. has reported earnings that exceeded analysts’ expectations, driven by a surge in fintech sales. This strong performance underscores the growing importance of fintech solutions in driving financial market innovation and growth.
Overview of Nasdaq’s Financial Performance
Nasdaq’s latest earnings report reveals impressive financial performance, with profits surpassing estimates due to robust growth in its fintech segment.
Key Financial Highlights:
- Revenue Growth: Nasdaq reported a significant increase in revenue, primarily driven by its fintech sales.
- Earnings Beat: The company’s earnings per share (EPS) exceeded analysts’ expectations, highlighting its strong financial performance.
- Fintech Segment: The fintech segment emerged as a key growth driver, contributing significantly to the overall revenue increase.
The Role of Fintech in Nasdaq’s Growth
Nasdaq’s fintech solutions have played a pivotal role in its recent financial success, offering innovative technologies that enhance market operations and customer services.
Key Fintech Solutions:
- Market Technology: Nasdaq’s market technology solutions provide advanced trading, clearing, and market surveillance capabilities to financial institutions and exchanges.
- Data and Analytics: The company’s data and analytics solutions offer valuable insights and support informed decision-making for market participants.
- Corporate Solutions: Nasdaq’s corporate solutions include governance, risk management, and compliance tools that help companies navigate complex regulatory environments.
Factors Driving Fintech Sales Growth
Several factors have contributed to the surge in Nasdaq’s fintech sales, reflecting broader trends in the financial technology sector.
Key Drivers:
- Digital Transformation: The ongoing digital transformation in the financial industry has increased demand for advanced fintech solutions.
- Regulatory Compliance: Growing regulatory requirements have driven demand for compliance and risk management solutions.
- Market Volatility: Increased market volatility has highlighted the need for robust trading and market surveillance technologies.
Strategic Initiatives
Nasdaq has undertaken several strategic initiatives to capitalize on the growing demand for fintech solutions and drive long-term growth.
Strategic Focus Areas:
- Innovation: Continuously investing in innovation to develop cutting-edge fintech solutions that address the evolving needs of the financial industry.
- Partnerships: Forming strategic partnerships with other technology providers and financial institutions to enhance its product offerings and expand market reach.
- Global Expansion: Expanding its presence in key markets around the world to capture new growth opportunities and serve a broader client base.
Future Prospects
Nasdaq’s strong financial performance and strategic initiatives position the company for continued growth in the fintech sector. The company plans to leverage its technological capabilities and market expertise to drive further innovation and expand its fintech offerings.
Growth Opportunities:
- Product Development: Developing new fintech products and features to meet emerging market needs and regulatory requirements.
- Mergers and Acquisitions: Exploring potential mergers and acquisitions to enhance its technology portfolio and market position.
- Customer Engagement: Enhancing customer engagement through personalized solutions and services that address specific client needs.
Conclusion
Nasdaq’s impressive financial performance, driven by a surge in fintech sales, underscores the growing importance of fintech solutions in the financial market. The company’s strategic focus on innovation, partnerships, and global expansion positions it for continued growth and success. As Nasdaq continues to leverage its fintech capabilities, it is well-positioned to drive financial market innovation and deliver value to its clients and shareholders.
Source of the news: Reuters
The post Nasdaq Profit Beats Estimates as Fintech Sales Soar appeared first on HIPTHER Alerts.
Latest News
K1 Issues MariaDB Compulsory Acquisition Notices
MANHATTAN BEACH, Calif., July 26, 2024 /PRNewswire/ — Meridian BidCo LLC (“Bidco“), an affiliate of K1 Investment Management, LLC (“K1“), announced earlier this week that its tender offer to acquire the entire issued and to be issued share capital of MariaDB plc (“MariaDB“) for $0.55 per share (the “Offer“) had expired. The Offer was settled in accordance with its terms on July 25, 2024. Bidco now owns 61,263,283 MariaDB ordinary shares, representing 88.70% of the issued share capital of MariaDB as of July 22, 2024.
As previously announced, Bidco now intends to apply the provisions of Sections 456 to 460 of the Companies Act of 2014 of Ireland to acquire compulsorily, on the same terms as the Offer, any outstanding ordinary shares of MariaDB not acquired or agreed to be acquired pursuant to the Offer.
On July 26, 2024, Bidco sent compulsory acquisition notices (the “Notices“) to those MariaDB shareholders who did not accept the Offer (the “Non-Assenting Shareholders“). Following the expiration of 30 calendar days from the date of the Notices, which is expected to be August 25, 2024 (the “Expiration Time“), unless a Non-Assenting Shareholder has applied to the Irish High Court and the Irish High Court orders otherwise, the shares of MariaDB held by Non-Assenting Shareholders will be acquired compulsorily by Bidco (without any action on the part of such shareholders) on the same terms as the Offer, on or about August 26, 2024. The cash consideration payable will be settled no later than three business days after the Expiration Time. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
Following the compulsory acquisition process, Bidco intends to cause the ordinary shares of MariaDB to be delisted from the New York Stock Exchange and terminate the registration of the MariaDB ordinary shares under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act“), and suspend MariaDB’s reporting obligations under the Exchange Act as promptly as possible.
Enquiries
Lazard (Financial Advisor to K1 and Bidco) |
Tel: +44 20 7187 2000 |
Haven Tower Group (Public Relations Advisor to K1) Donald Cutler, Brandon Blackwell |
Tel: +1 424 317 4850 |
Important Notices
The K1 Responsible Persons (being the investment committee of K1), the Bidco officers and the Meridian TopCo LLC Officers accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the K1 Responsible Persons, the Bidco Officers, the Topco Officers, (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement for which they have accepted responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
Lazard Frères & Co. LLC, together with its affiliate Lazard & Co., Limited (which is authorised and regulated in the United Kingdom by the Financial Conduct Authority) (“Lazard“), is acting exclusively as financial adviser to K1 and Bidco and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than K1 and Bidco for providing the protections afforded to clients of Lazard nor for providing advice in relation to the matters referred to in this announcement or any other matters referred to in this announcement. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this announcement, any statement contained herein or otherwise.
Forward Looking Statements
This announcement (including any information incorporated by reference in this announcement), oral statements made regarding the Offer, and other information published by MariaDB, Bidco, K1 or any member of the K1 Group (as defined below) contain statements which are, or may be deemed to be, “forward looking statements.” Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which any member of the K1 Group (including, after closing of the Offer, any of MariaDB and its subsidiaries and subsidiary undertakings (the “MariaDB Group“)) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to K1, any member of the K1 Group’s (including any member of the MariaDB Group) future prospects, developments and business strategies, the progress of the compulsory acquisition process, the outcome of legal proceedings that may be instituted against the K1 Group and/or others relating to the Offer, potential adverse reactions or changes to business relationships resulting from the completion of the Offer, significant or unexpected costs, charges or expenses resulting from the Offer, negative effects of this announcement or the consummation of the Offer on the market price of MariaDB’s Shares, and potential failure to realize the expected benefits of the Offer and other statements other than historical facts. In some cases, these forward looking statements can be identified by the use of forward looking terminology, including the terms “believes,” “estimates,” “will look to,” “would look to,” “plans,” “prepares,” “anticipates,” “expects,” “is expected to,” “is subject to,” “intends,” “may,” “will,” “shall” or “should” or their negatives or other variations or comparable terminology. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that shall occur in the future. These events and circumstances include changes in global, political, economic, business, competitive, and market conditions and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or disposals. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors. Neither K1, Bidco nor any member of the K1 Group, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this announcement shall actually occur. The forward looking statements speak only as of the date of this announcement. All subsequent oral or written forward looking statements attributable to any of K1 and all of its affiliates, including K5 Private Investors, L.P. (the “K1 Group“), or any of their respective associates, directors, officers, employees or advisers, are expressly qualified in their entirety by the cautionary statement above. K1 and the K1 Group expressly disclaim any obligation to update such statements other than as required by law or by the rules of any competent regulatory authority, whether as a result of new information, future events or otherwise.
Further Information
This announcement is for information purposes only and is not intended to, and does not, constitute an offer to sell or invitation to purchase any securities, or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this announcement is not an offer of securities for sale into the United States. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
View original content:https://www.prnewswire.co.uk/news-releases/k1-issues-mariadb-compulsory-acquisition-notices-302207896.html
-
Latest News6 days ago
China remains stabilizing force for global economic growth
-
Latest News5 days ago
Kylian Mbappé and Accor Forge Alliance to Empower Younger Generations
-
Latest News3 days ago
Martello Re announces closing of $1.3 billion capital raise consisting of $935 million in equity and a $360 million upsize of the Company’s credit facility
-
Latest News4 days ago
BioCatch completes best first half in company history, grows ARR by 43% YoY
-
Latest News4 days ago
Market Dojo Celebrates Prestigious Inclusion in Ardent Partners 2024 Strategic Sourcing Technology Advisor
-
Latest News2 days ago
Driving Innovation Forward: CFI Welcomes Seven-Time Formula 1™ World Champion Lewis Hamilton as new Global Brand Ambassador
-
Latest News5 days ago
COP28 President calls on all stakeholders to bring spirit of solidarity that delivered UAE Consensus to drive implementation and sustainable socio-economic development
-
Latest News2 days ago
KEYSTONE BANK HOLDS CUSTOMER FORUM, REITERATES COMMITMENT TO EXCELLENT SERVICE DELIVERY