Capital Markets Experts S.A. is a member and Nominated Advisor of the Alternative Market (EN.A) of ATHEX. This is a fact that give us the opportunity to get companies listed on both submarkets of EN.A. the EN.A. STEP and EN.A. PLUS.


What is the Alternative Market?
ΕΝ.Α - the Alternative Market is a Multilateral Trading Facility (MTF) as described in the MiFID Directive. It is characterized as a "non-regulated market", as it is not subject to the mandatory provisions applying to regulated markets which impose stricter admission and trading requirements.
It was created in 2007 with the aim to support the capital raising for small and medium-size enterprises (SMEs), and to meet the need for easy, fast and affordable admission to trading.


ATHEX is exclusively responsible for determining the requirements for admission to trading and the obligations of companies and ENA consultants. Trading and clearing of shares on ENA is similar to that of the ATHEX regulated market.
EN.A is characterized by flexible admission and trading criteria in relation to the "regulated market" and is addressed to dynamic companies with growth prospects seeking to:
•    fund their development, EXPORTS and vision;
•    attract business partnerships and agreements;
•    gain experience to potentially switch to the ATHEX Main Market;
•    obtain an "objective" valuation;
•    INCREASE THEIR VISIBILITY in Greece, the SouthEast Mediterranean and other international markets.
The Athens Exchange has created (January 2014) the following two distinct categories of shares, which are subject to certain admission requirements and procedure:
•    EN.A. STEP and
•    EN.A. PLUS
EN.A. STEP is a category of the Alternative Market (ENA) of Athens Exchange which seeks to offer a funding solution to new, small and innovative companies on market terms.
In particular, ENA STEP is addressed to growth companies that apply innovative ideas in the development, production or marketing of their products and services, but also to companies that are in the early stage of their business development, which seek an alternative source of funding to implement new business ideas and achieve future growth. During their initial evaluation phase for admission to ENA STEP, a key selection criterion is the implementation of original business ideas, both in technologically advanced sectors (e.g. energy, water resource management, biotechnology, ICT) but also in more traditional sectors (e.g. new methods of agricultural production, packaging and standardization of food and beverages, methods to penetrate foreign markets).

Once admitted to ENA STEP, companies may raise funds through a share capital increase paid in CASH up to €5 million with the issue of shares allocated to investors.
A particular characteristic of ENA STEP is that capital raising must be made using the EBB tool (Electronic Book Building). EBB is an online application accessible to all ATHEX Members in order to attract client interest to acquire shares in the companies to be admitted to ENA STEP.
By using the EBB fund-raising method:
•    any investor, whether large or small, retail or institutional, Greek or foreign, may acquire shares in the companies of ENA STEP through their broker;
•    eligible companies for ENA STEP obtain access to a broad base of potential investors (e.g. business angels, business angel networks) who are looking for alternative investment options and seek to fund interesting business ideas;
•    fund-raising is implemented in a secure online environment which enables the issuing company to monitor online the demand and coverage of offered shares;
•    the details of investors are checked for uniqueness and correctness and are automatically entered in the Dematerialized Securities System;
•    in case of full coverage of a share capital increase, the new shares will be automatically CREDITED to the registers of investors.

When raising funds capital using the EBB for admission of shares to ENA STEP:
•    Any non-qualified investor may participate with up to €25,000 per company, or lower if the company so wishes;
•    Any qualified investor may participate without a maximum participation limit, unless the company determines otherwise.
Because these are relatively new companies and in order to enable them to focus on their business growth while ensuring that investors are more confident about their investments, certain requirements have been established for participation in the funding procedure, admission to and TRADING ON ENA STEP.
More specifically:
•    Total fund-raising by a single company may not exceed € 5 million per year.
•    The company is required to outsource the following:
o    An internationally recognized audit firm shall be assigned with the outsourcing of the company's ACCOUNTING services after admission to ENA STEP.
o    A law firm shall perform the extraordinary legal audit and provide advice at the funding and admission stage, and outsource the company's legal support (convening general meetings, corporate governance, changes to BoD members, corporate actions, amendments to articles, etc) after admission to the category.
o    An internationally recognized audit firm shall perform the company's extraordinary financial audit in the procedure for admission to ENA STEP (particularly if financial years exist).

The trading model for shares admitted to ENA STEP is:
- Continuous trading of shares during trading hours from 10:30 to 17:20;
- Price fluctuation limits are set at + / - 10%, + / -20%.
ENA PLUS is addressed to companies with a proven track record and a business course of at least two years. Shares of the 14 companies already trading on EN.A are automatically admitted in this Category. Upon joining ENA PLUS companies can raise funds through a share capital increase with cash payment and issuance of new shares distributed to the investing public:
•    Without a Public Offering, under a Private Placement to a limited group of persons, where the submission of an Information Memorandum to ATHEX is required, the content of which is defined by a resolution of ATHEX's BoD.
•    With a Public Offering to the investing public, where an Underwriter, a Prospectus approved by HCMC and a license by HCMC for conducting the Public Offering are required.
In both cases the capital raising mechanism of EBB (Electronic Book Building) through the network of ATHEX's Members may be used.
The trading model for shares admitted to ENA PLUS is:
•    Continuous trading of shares during trading hours from 10:30 to 17:20;
•    Price fluctuation limits are set at + / - 10%, + / -20%;
•    Use of the ATHEX trading system and the clearing, settlement and registration system of HCSD subject to the DSS and Clearing Regulation.

Do you know that...

  • In Serbia there are attractive companies for sale. They are in the list of Privatization Agency but also at the Belgrade Stock Exchange. The list is long, unfortunately much longer than number of potential investors. The crisis has left its mark. Until so far Serbia has cashed EUR 2.3 billions from sale of 1,643 enterprises. It is not known how much more it could get from further sales, but among 650 companies in the list of Privatization Agency there are still attractive firms.

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