Span Shares on the Official Zagreb Stock Exchange Market – Public Call Raised Hrk 101 Million

Span d.d. sold all 578,200 offered treasury shares (29.5 percent) through the Public Call at the maximum price in the offered range in the amount of HRK 175. Span's shares were bought by more than 1,000 new shareholders, which raised HRK 101,185,000.00. During the presentation of the official results of the Public Call in the Esplanade hotel in Zagreb, a contract on the listing of Span's shares on the Official Market of the Zagreb Stock Exchange was signed.

The interest of all investors during the Public Call - employees, small investors and qualified investors - was significantly higher than the number of shares offered. At the price of HRK 160, which was the lower price range, interest was expressed for 1,036,166 shares, which is 79 percent more than offered, while at the maximum price of HRK 175, interest was expressed for 809,644 shares, which is 40 percent more than offered.

Through the so-called ESOP program 49,000 shares were offered to Span employees in Croatia, and the interest was as much as 47 percent higher than the number of shares offered, so more than half of the employees in Croatia, 242 of them, decided to buy shares. 39 qualified investors participated in the public call. Croatian citizens have also expressed their interest, who, although traditionally not turned to the stock market in search of investment opportunities, make up as much as 75 percent of new Span shareholders.

“We accomplished all the goals we wanted to accomplish. Demand for shares significantly exceeded supply. With more than a thousand new Span shareholders, including institutional investors, many small investors and our employees, we have achieved a balanced shareholder structure with which Span enters a new business development phase. Among the new shareholders there are more than half of Span's employees in Croatia. It’s amazing and I’m proud to work with people who believe so much in what we do. I would like to thank to all shareholders for their trust and I am happy that we will share all the successes of the company in the future together”, said the founder and President of the Management Board of Span, Nikola Dujmović.

A total of 871 small investors, including 861 natural persons and 10 legal entities, expressed interest in as many as 229,300 shares. Each individual small investor could buy a maximum of 19,600 offered shares, while for qualified investors - pension funds, insurance companies, banks and investment funds - the largest number of shares they could buy through the Public Call was not determined and they expressed interest in 508,186 shares.

Given that the investor's interest exceeded the number of shares offered, the final number of shares purchased by all investors was determined in accordance with the allocation rules, and according to the structure of shares sold after the allocation, qualified investors acquired 323,152 shares (55.9 percent of offered shares), small investors 206,048 shares (35.6 percent of the offered shares) and Span employees 49,000 shares (8.5 percent of the offered shares).

After the official presentation of the results, the President of the Management Board of Span Nikola Dujmović and Ivana Gažić, the President of the Management Board of the Zagreb Stock Exchange, solemnly signed a contract on the listing of Span's shares on the Official Market of the Zagreb Stock Exchange.

"We are extremely pleased with how Span realized its IPO, the whole process was done very professionally. The interest was really high, which clearly shows how the company is perceived by investors, which was certainly influenced by the fact that the IT sector is one of the most globally attractive for investment. I am sure that Span will encourage other companies to start thinking about going public and to do so, because it is quite clear that there are enough funds at home and investors who are willing to invest in shares", said Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange.