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Enclosure 14 (E14) – Procedure for Initial Public Offering of Securities via BSE-Sofia  
     
 

1. Upon application filed by an issuer or a duly authorized investment intermediary (II), who is a CD member, the Depository shall register a temporary issue with ISIN for initial public offering (IPO) through the stock exchange. The registration takes place in accordance with item 3.5. of Procedure 2/E02.

2. After the registration of the temporary issue, CD provides a Deed of Registration which the issuer submits to the BES in order to be assigned a stock exchange code.

3. The II under item 1, who is to enforce the offering, gives to CD a fund-raising account at a bank, to which the funds will be remitted from the persons who have subscribed securities from the offering. The bank should certify to CD that the funds under this account are blocked on the grounds of Article 89 of the Public Offering of Securities Act.

4. In case the subscription is terminated successfully, CD cancels the temporary registration of the issue and registers it with the same owners of the stock as an ordinary issue already launched. CD notifies BSE and registers within its system the stock exchange code of the new issue. In case of increase in the capital, the new stock shall be registered in accordance with item 3. of Procedure 2/E02.

5. In case the subscription is terminated unsuccessfully, the II under item 1 notifies CD of the outcome within the deadline under Article 84, Paragraph 3 of the Public Offering of Securities Act and applies for making lists of:

5.1. All individuals who have subscribed securities under the subscription. The list shall be provided to the investment intermediaries through whom the subscription has been done, and shall contain data about the clients who have subscribed shares and the amounts that have to be refunded.

5.2. The investment intermediaries through whom the subscription has been done. The list shall be provided to the investment intermediaries under item 1 and shall contain data about the IIs and the total amounts – for themselves and their clients - that have to be refunded.

6. In case the subscription is terminated unsuccessfully, CD shall notify the BSE.

7. The initial public offering shall start according to the procedure determined in the Rules and Regulations of the Bulgarian Stock Exchange.

8. The stock exchange transactions concluded shall be processed under the terms of item 11.3.1 of Procedure 07/E07. The II under item 1, in his capacity of seller under the transactions, shall obligatorily state the account under item 3 in all messages to CD.

9. The fees charged under the CD tariff for actions in execution of this procedure are not subject to refunding.