Law and regulation of private placement of common stock in Hungary

• Offer to the public.
• Admission of securities to trading on a regulated market.

Offer to the public

• Qualified Investors.
• Less than 150 persons per EEA state, other than Qualified Investors.
• Total value of shares to be issued does not exceed EUR 100,000,
• Simplified Mini-prospectus only required for offers of new shares for less than EUR 1m in a rolling 12 month period in accordance with the rules established in the Capital Market Act,
• in each case provided that each potential investor receives identical information regarding the market, economic, financial and legal situation of the issuer, including information distributed during meetings with potential investors.

Admission to trading on a regulated market – Listing

• Admission to trading/listing new shares of the same class as shares already admitted to trading on the same regulated market representing less than 20% of the existing issued share capital in a rolling
  12 month period.
• Mini-prospectus only for listing of new shares on a regulated market for less than EUR 1m on a 12 month rolling basis.
• Short form information document required if total value of shares being issued does not exceed
  EUR 5m in a rolling 12 month period.

Yes.

Yes.

Only on the basis of a prospectus and subject to the Hungarian National Bank’s right to prohibit an advert if it is viewed as being contrary to a prospectus or misleading or in breach of the Prospectus Regulation.

Yes.

Yes.

Yes.