Adapting Corporate Governance Code

Six years after the last revision, a new version of the Corporate Governance Code is published today. This time, the additions mainly pertain to sustainability aspects. In particular, they address the social responsibility of the corporate world for people and the environment.

400 years of Exchange drumming

After Amsterdam schoolchildren came to open the Amsterdam Exchange with drumbeats for the last time in 2019, there is a very special reason to continue the age-old tradition of Exchange drumming today. Indeed, this year marks exactly 400 years since the start of this particular exchange tradition, which started thanks to an observant orphan boy who, during the Eighty Years’ War, prevented a Spanish attack on the exchange building. For the drumming children, it’s a good reason to make extra noise today.

A quiet market debut at Beursplein 5

Today, in relative silence, the Amsterdam exchange welcomes a large new stock exchange fund: Exor. Founded by the Agnelli family, it is an Italian investment company behind the Fiat group. The company is making the remarkable switch from the Milan stock exchange to the one in Amsterdam. It’s a step that may have been prompted by the fact that the Milan stock exchange recently joined the Euronext exchange group.

Exor has 75,000 employees, manages €30 billion, and is a major shareholder of Juventus football club, as well as car groups as Fiat and Ferrari. The official reason for the move to Beursplein 5 is to bring the stock exchange listing and the head office – which has been located on the Amsterdam Zuidas since 2016 – under the same jurisdiction. It is also expected that more trade in the shares can be generated in Amsterdam with its international investors.

FL Entertainment to the exchange via SPAC

FL Entertainment (FLE) is making its appearance at Beursplein 5 today under a difficult market climate. The route to the stock exchange is via a merger with the SPAC Pegasus Entrepreneurs. FLE is a global entertainment company consisting of two global parts: 1) an international production house called Banijay Group; and 2) Betclic Everest Group, an online gambling and gaming company.

Launch of the new AEX ESG Index

The Netherlands is getting a new index today. In addition to the trusted AEX index, Euronext is launching the AEX ESG index today. The index consists of the 25 AEX and Midkap index companies that perform best in the field of Environment, Social and Governance (ESG). The stock exchange will therefore meet the growing demand among investors for sustainable investments.

Second SPAC of 2022

Although the SPAC hype of 2021 seems to be on its way out, a new SPAC is nevertheless coming to the Amsterdam Exchange, without much publicity: RA Special Acquisition Corporation. After the arrival of GP Bullhound in February, this is the second SPAC in 2022 and the twentieth SPAC in total to make its appearance at the Amsterdam Exchange since 2018. The listing raised $230 million for RA Special Acquisition, from the British Cayman Islands. It plans to use the funds raised to take over a company operating in the financial sector in Europe.

Update: RA Special Acquisition rebranded in May 2023 as Iris Financial

BenevolentAI makes market debut after merger with SPAC

British drug developer BenevolentAI is making its debut on Beursplein 5 today. It will do so after a merger with the Luxembourg company, Odyssey. This means Odyssey is the fourth SPAC to succeed in finding a takeover candidate. And what’s more, the plan is for it to be a technology and healthcare company. BenevolentAI develops medicines using artificial intelligence (AI). Although it is currently making a loss, the company sees a bright future for itself.

CABKA to exchange via SPAC merger

German recycling company Cabka was listed on the Amsterdam exchange today after a merger with the Dutch SPAC DSCT Cabka recycles plastic into pallets and containers. Customers include Heineken, Volkswagen and Lidl. For DSCT, this means it has succeeded in finding a takeover candidate after almost a year and a half. This makes the company the third SPAC to succeed after DSCO and EFIC1. It is remarkable that Cabka only ended up with €45 million of the €110 million raised in 2020. Money that the recycling company has reserved for future acquisitions. The founders of DSCT remain involved with Cabka.

First SPAC of 2022

The SPAC craze of 2021, with 16 listings in Amsterdam, looks likely to continue in 2022. GP Bullhound Acquisition I SE has made an appearance on Beursplein 5 today. The proceeds of the IPO will be €200 million. Bullhound wants to use this to acquire a tech company. Behind the new SPAC is the investment company with the same name, which is, for example, also known as the backer of streaming service Spotify.

Update: Bullhound has failed to find a merger partner and will be wound up after returning approximately the invested amounts in May 2023.

SPAC merger Azerion

Following an announcement in December 2021, gaming and advertising company Azerion has merged with the SPAC EFIC1 and will be listed on Beursplein 5 today. The owner of more than 16,000 online games is from Amsterdam and, together with the SPAC, is going against the market sentiment. WeTransfer cancelled its IPO at the last minute, but Azerion simply carries on.

Shell also moves to London

More than a year after Unilever, the shareholders of Royal Dutch Shell have also chosen to move their headquarters to the United Kingdom. Whereas the company has been British since 2005, the board will now no longer meet in The Hague. According to the company itself, it has opted for strength by getting rid of the dual share structure with A shares in Amsterdam and B shares in London. From now on there will only be B shares, also in Amsterdam.