BREAKING NEWS – 20.05.2024

In the press release of May 16, 2024, iVision Tech, an Innovative SME and a “Made in Italy” manufacturing excellence company active in the design and production of acetate eyeglass frames and sunglasses, as well as combination eyewear, and owner of the historic high-end French eyewear brands “Henry Jullien” and “Henry Jullien Manufacture,” announced the Board of Directors’ resolution of two non-convertible bonds for a total maximum amount of € 7.00 million, addressed to both sophisticated and unsophisticated investors. Specifically, the bonds issued have the following characteristics: Minibond with a value of up to € 5.00 million amortizing, issued with a unit denomination value of € 0.01 million and multiples, with variable interest rate and six-monthly coupon equal to the average 6-month Euribor letter rate, recorded during the observation period, plus a spread of 290 basis points. The bond has two years of preamortization and a maximum maturity of 7 years and is reserved for both sophisticated and unsophisticated investors, in line with the new crowdfunding guidelines under European Regulation 2020/1503/EU. Minibond of a maximum amount of € 2.00 million amortizing, with a unit denomination of € 0.05 million. It is expected to have a two-year preamortization period and a maximum maturity of 7 years, with a variable interest rate and coupon equal to the bond described above. The bond is designed for professional investors only, as per Annex 2 of Directive 2014/65/EU. The Group also reported that the completion date is currently expected by June 2024.  Frigiolini & Partners Merchant serves as process coordinator and servicer for dematerialization at Monte Titoli SpA for both issues, as well as advisor and listing partner for Euronext Access Milan for the secondary market listing. The Fundera portal, supported in the first issue by the alternative finance portal CrowdFundMe, is in charge of the placement of the first issue on the primary market, thus acting as the placement agent for the first minibond. As stated to investors during the IPO phase, the funds raised will be used by the Group to speed up the growth and development of the business. Specifically, the funds will mainly be used for overseas expansion, as well as for the development of new products to expand the current offerings. In light of the important reinforcement asset support for iVision Tech secured by the bonds, we confirm our estimates: target price € 3.30, rating BUY and risk MEDIUM.

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