Nordinvest, Sociedad de Inversión Libre, managed by Nordkapp Inversiones, will tomorrow start trading on the Mercado Alternativo Bursátil, thus becoming the first listed company of this type, following the approval received from the MAB Board.
The starting share capital of the firm is € 3 million and the maximum amount is €30 million. The minimum investment required is €50,000 and the fund is geared to qualified investors.
The listing of this type of funds on an organised market allows these firms to benefit from greater liquidity and transparency and helps to popularise this new asset class, in this way facilitating the incorporation of these assets into the portfolios of both retail and institutional investors.
The regulations of MAB allow the listing, settlement and registration of securities or financial instruments that due to their specific features require special treatment, as is the case with Open Ended Funds. The market model consists in an auction-based price-fixing system or “fixing” and a procedure for buying and selling transactions at net-asset value. In order for these transactions to be possible, it will be necessary for MAB to have been informed of the net-asset value of the trades and for the SGIIC to have carried out the controls necessary for the fulfilment of the conditions imposed by each Open Ended Fund, in compliance with the prevailing regulations.
The MAB market started operations in May 2006 and it is currently made up of 3,343 firms and exchange-listed funds. In its first stage, the market started a segment for SICAVs and it currently accounts for practically all these firms that operate in Spain. In June 2007 the first venture capital firm started trading on the market. The third segment of the Mercado Alternativo Bursátil - for Growth Companies - created by BME for low- capitalisation stocks received the CNMV’s approval in 2008. It currently comprises 20 Registered Advisers, which will assess the eligibility of companies and assist them with compiling the information required.
