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AKD

PO BOX 59280, 1040 KG AMSTERDAM, NETHERLANDS
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Work +31 88 253 5000
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Fax +31 88 253 5001
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www.akd.nl
Amsterdam, Breda, Brussels, Eindhoven, Luxembourg, Rotterdam

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AKD assists CE Credit Management as it makes it debut on the stock exchange

June 2012

CE Credit Management, an established specialist in accounts receivable management, called in AKD Banking & Finance to assist with the listing of the first SMB bond on NYSE Alternext in Amsterdam.

Yesterday (31 May 2012) saw the introduction of the 8% CE Credit Management bond to NYSE Alternext in Amsterdam. NYSE Alternext is a platform set by NYSE Euronext to fill a demand from businesses looking for easy access to the capital market; accordingly, it offers smaller companies an alternative financial instrument.

At present, banks are not very helpful when it comes to loans for small and middle-sized businesses, and this reserved attitude - a consequence of the requirements set by Basel II and III, etc. - is causing (structural) friction in small business funding, forcing more and more SMBs to look for an alternative means of finance.

NYSE Alternext route really offers another way - in fact, it is the "Dutch Dream" come true, according to Cees Vermaas (NYSE Euronext's CEO). "We are very pleased with CE Credit Management's listing on NYSE Alternext in Amsterdam. It is vital for SMBs, the motor of the Dutch economy, to attract funds for more growth and our platform, NYSE Alternext, offers a good alternative for SMBs seeking financial support."

CE Credit Management may be the first of the Dutch small and middle-sized companies to try acquiring funds via the NYSE Alternext route, but it follows in the footsteps of small and middle-sized businesses in other European countries such as Germany and France, where SMB listings on the stock exchange have been a matter of course for quite some time. Nevertheless, for most SMBs in the Netherlands, flotation is still unexplored territory, as many think that it is a complicated and expensive road to take. However, the NYSE Alternext route for SMBs provides an excellent solution to the issue of traditional bank loans, especially as NYSE Alternext has lowered its admission thresholds and its admission requirements considerably. CE Credit Management's debut might the start of something big, serving as an example to other small and middle-sized businesses in the Netherlands that need capital now that the banks have withdrawn their support.

The listing of CE Credit Management's SMB bond has been covered extensively by the media: images of the gong ceremony at Beursplein 5 were broadcast by RTL Z while various papers featured articles on the debut.

AKD's work consisted primarily of structuring the proposition, drawing up the (legal part of the) listing particulars - together with Keijser Capital (the listing sponsor) -, supervising and giving advice on the Netherlands Authority for the Financial Markets' approval process. Barend PostSaskia Schenke,Vincent Wismans and Kim van Deursen formed the team that superintended this transaction; the team is currently working on the preparations of various similar processes (involving immoveable property, sustainable energy and retail).


About AKD
Employing a team of 200 lawyers and civil-law notaries, AKD is one of the largest legal services providers in the Netherlands. Based on a comprehensive service model and a personal approach, the firm provides high-quality services to its clients in virtually all legal areas. AKD maintains branches in Amsterdam, Breda, Eindhoven, Rotterdam, and Brussels.

For more information, please go to www.akd.nl.

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