Triodos Bank is not considering among its options that its share deposit certificates (CDA) go to to be listed on the Spanish Stock Exchange in addition to Euronext, as indicated to Europa Press by sources close to the financial entity.
Triodos’ current plan is to list these instruments on Euronext after concluding that the Multilateral Negotiation System (SMN) it maintains for these certificates does not offer the ideal functioning for CDA holders.
A general meeting of shareholders is called on October 23 to vote on this matter, which is one of the necessary steps to take this decision.
The certificates will be listed on the Amsterdam Stock Exchange, which is owned by Euronext. The bank is Dutch and the majority of CDAs are located in the Netherlands, with nearly 8.6 million certificates.
The geography with the most CDA behind is Belgium, with 2.78 million certificates. The Brussels Stock Exchange is also owned by Euronext.
Third Spain stands with 2.1 million certificates in the hands of 7,430 clients, according to Triodos’ latest annual report. Far behind are the United Kingdom (209,000 CDA) or Germany (352,000 CDA).
From Triodos, as Europa Press has learned, they already consider that this process is “complex” and that at no time has it been considered for now launching a dual listing on another market in addition to the Amsterdam Stock Exchange.
Since the pandemic, CDAs gained notoriety because supply and demand became unbalanced and Triodos kept the trading system paralyzed for several years. When it resumed, the price was much lower than what had been recorded before its closure.
Judicialized product
This situation has led to a large number of lawsuits in court in Spain. For now the majority that have been resolved only in the first instance and the judges agree with the bank in only half of the cases.
In this context, a source close to the entity considers that the process is going to be “very long”, since they can still pass “several years” until this can reach the Supreme Court and thus set a precedent.
As of June 30, 739 lawsuits had been filed against Triodos in Spain for this case, covering a total of 540,000 CDA. In total, 251 cases have been resolved in the first instance, with 118 rulings in favor of the bank and 133 in favor of the clients.
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