Admiral Markets announces buyback offer for up to 8,476 Tier 2 bonds

⦿ Executive Snapshot

• What: Admiral Markets AS announces a buyback offer for up to 8,476 Tier 2 bonds.
• Who: Admiral Markets AS, current bond investors.
• Why it matters: This buyback reflects the company's strategic shift after relinquishing its investment firm license and aims to facilitate the termination of bond trading on Nasdaq Tallinn.

⦿ Key Developments

• Admiral Markets AS offers to buy back 8,476 Tier 2 bonds issued on 28 December 2017 for EUR 101.02 per bond.
• The total nominal value of the bonds for repurchase is EUR 847,600.
• The buyback offer period is from 22 May 2026 to 22 June 2026.
• The repurchase price includes the nominal value of EUR 100, a premium of EUR 1, and accrued interest of EUR 0.02.
• Admiral Markets AS is considering terminating trading of the bonds on the Nasdaq Tallinn Stock Exchange post-buyback.

⦿ Strategic Context

• The decision to buy back the bonds comes after Admiral Markets AS relinquished its investment firm license, indicating a significant shift in its operational strategy.
• The low trading activity and small remaining volume of the bonds suggest a declining interest or viability in maintaining them in the market.

⦿ Strategic Implications

• The buyback may improve the liquidity position of Admiral Markets AS by reducing outstanding liabilities.
• Termination of bond trading could signal a broader strategic realignment towards core business operations, potentially affecting investor confidence and market perception.

⦿ Risks & Constraints

• Potential regulatory challenges in executing the buyback and terminating trading on the stock exchange.
• The low trading activity of the bonds may limit the effectiveness of the buyback offer and affect investor participation.

⦿ Watchlist / Forward Signals

• Monitor the buyback offer’s participation rates and completion timeline set for June 2026.
• Future announcements regarding the termination of bond trading on Nasdaq Tallinn will indicate the success of the buyback strategy.