Existing shareholders of Icecat N.V., the NPEX-listed global publisher of product data for the e-commerce market, have today realized the exit of Snijders Invest B.V. as a minority shareholder. The 6.7% of ordinary shares Icecat that where still owned by Snijders Invest, the holding of co-founder and former CCO Erik Snijders, are acquired by the other Icecat shareholders: iMerge B.V., E-nvest B.V., Stichting Administratie-Kantoor (STAK) Icecat, and SA Rocks OÜ, the joint Estonian holding of co-founders Olena Velychko (Editor-in-Chief) and Sergii Shvets (CTO).
(Read further in Dutch: pr-icecat-2018-exit-snijdersinvest-NL)
As part of the exit, 247,197 shares as hold by Snijders Invest, are delivered to STAK Icecat in return for an equal number of depository receipts Icecat, which are subsequently listed at NPEX and transferred to the NPEX-account of Snijders Invest. This results in an increase of the free float from 4.2% to 6.6%.
To mitigate market price risks at NPEX, Snijders Invest has agreed on an anti-dump clause, a partial lockup, forbidding it to participate in transactions below the last trade session’s market price, and limiting the number of sell offers it can place during a trade session.
“The deal reflects the trust existing shareholders and management have in the fast-growing Icecat business by absorbing most offered shares,” according to CEO Martijn Hoogeveen, “whilst at the same time allowing for a controlled expansion of the free float at NPEX protecting as much as possible the interest of investors.”
The last market price for Icecat depository receipts at NPEX is €10.46 per October 26, 2018, 4.6% above the introduction price. Lowest price in 2018: €7.00. Highest price in 2018: €10.49.
“Erik Snijders has played a decisive role in the commercial development and expansion of the Open Icecat services to manufacturers,” says Martijn Hoogeveen. Erik Snijders adds: “I am grateful to have been able to contribute to setting up and expanding a unique business model. It was a very instructive and successful period. After 13 years, I am ready for a new challenge.”
SA Rocks holds after the transaction 10.3% of the ordinary shares, now also consolidating the shares of its two shareholders. The shareholdings of E-nvest, owned by managing director Emre Tan, and main founder iMerge, indirectly owned by CEO Martijn Hoogeveen, increased to 3.5% and 79.6% respectively.
| CAP TABLE BEFORE TRANSACTION | ||||||||
| iMerge | Olena Velychko | Sergii Shvets | Snijders Invest | STAK Icecat | E-nvest | SA Rocks | TOTAL | |
| Shares | 8,177,800 | 511,100 | 511,100 | 700,000 | 443,633 | 100,000 | 0 | 10,443,633 |
| Percentage | 78.3% | 4.9% | 4.9% | 6.7% | 4.2% | 1.0% | 0.0% | 100.0% |
| CAP TABLE AFTER TRANSACTION | ||||||||
| iMerge | Olena Velychko | Sergii Shvets | Snijders Invest | STAK Icecat | E-nvest | SA Rocks | TOTAL | |
| Shares | 8,315,603 | 0 | 0 | 0 | 690,830 | 365,000 | 1,072,200 | 10,443,633 |
| Percentage | 79.6% | 0.0% | 0.0% | 0.0% | 6.6% | 3.5% | 10.3% | 100.0% |
Icecat NV, listed at Dutch NPEX, is a global publisher and syndicator of product information for the e-commerce market. Icecat NV, founded in 2009, works with some 75,000 webshops and hundreds of brands such as Intel, Philips, Sony, Samsung, HP, P&G, Lego, and L’Oréal.
Icecat includes the subsidiaries Icecat LLC (Icecat Ukraine), Icecat Content Sourcing OÜ (Icecat Estonia), Syndy BV, Iceshop BV, Icecat Nederland BV and Icecat International BV, and participation Hatch B.V. The cost centers Icecat Ukraine and Icecat Estonia are responsible for hiring editor and software developer capacity. Hatch BV delivers smart “Buy Now” buttons that help manufacturers to turn their websites into measurable lead generators for their online retailers. Syndy and Iceshop are specialists in e-commerce-integrations and Product Information Management (PIM) solutions in the FMCG and IT verticals respectively.
STAK Icecat holds the shares that are transformed to depository receipts as listed on NPEX.
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