Promotion of listing of securities on the stock exchange

Applications may be submitted until the end of the period of application of Regulation (EU) No 651/2014 or Regulation (EU) No 1407/2013, or until the suspension of the call for proposals. The call shall be suspended once the amount available for the measure has been committed.
Applications must be submitted to the e-mail address birza@invega.lt.

What are the benefits?

The objective of the measure is to promote the development of capital markets in Lithuania and thus help micro, small or medium-sized enterprises to attract the necessary financing for development, to compensate them for part of the costs of issuing shares and/or bonds in order to include these securities in the securities market regulated by the regulated market operator AB Nasdaq Vilnius and the alternative securities market First North (hereinafter – the Stock Exchange).

Who is eligible?

Micro, small or medium-sized enterprises (SMEs) may apply whose shares and/or bonds are not listed on a stock exchange before the date of entry into force of the Schedule to the measure, 21 July 2021. If the applicant’s shares are listed on the stock exchange before the date of entry into force of the Schedule, the applicant is entitled to apply to INVEGA for a subsidy for the listing of the bonds on the stock exchange. If the applicant’s bonds are listed on the stock exchange before the date of entry into force of the Schedule, the applicant shall be entitled to apply to INVEGA for a subsidy for the listing of the shares on the stock exchange.

Description of the instrument

Copy link

The application should be submitted to INVEGA by e-mail birza@invega.lt.

Copy link

an application for a subsidy for the eligible listing of shares or bonds on the stock exchange;
a declaration that the applicant’s activities, actions and transactions do not involve internationally sanctioned entities;
a declaration of compliance with Regulation (EU) No 651/2014;
an application for a subsidy for shares or bonds listed on the stock exchange;
a declaration that the applicant has raised at least EUR 500,000 in the form of equity capital in respect of eligible listings on the stock exchange, which has been paid in cash or in kind prior to the application.

Copy link

How much?

INVEGA will reimburse 50% of the eligible costs incurred.

The maximum amount INVEGA can reimburse per applicant is:

100,000 EUR when the shares issued by the applicant are duly listed on the Securities Exchange;
50,000 EUR when the bonds issued by the applicant are duly listed on the Securities Exchange.

In total, up to EUR 1 million of the funds returned from the INVEGA Fund are foreseen for the implementation of the measure ‘Encouraging the Listing of Securities on the stock exchange’.

Terms

Applications may be submitted until the end of the period of application of Regulation (EU) No 651/2014 or Regulation (EU) No 1407/2013 or until the suspension of the call for proposals. The call shall be suspended once the amount available for the measure has been committed.
For the grant to be paid, the applicant must apply to INVEGA for a grant after fulfilling the conditions set out in point 22 of the description of the measure. The application shall be submitted at the latest within 30 calendar days of the eligible listing on the stock exchange as referred to in point 22 of the description of the measure. If the conditions set out in point 22 of the description are fulfilled by the applicant before the date of INVEGA’s decision to declare the applicant eligible, the application shall be submitted at the latest within 30 calendar days from the date of INVEGA’s decision to declare the applicant eligible.
Applications are evaluated in the order of the date and time of their receipt by INVEGA, but within a maximum of 20 working days. The deadline for the evaluation of an application is calculated from the date of receipt of the application and all the documents required for the evaluation and duly completed by INVEGA. Following the assessment of the submitted application, INVEGA will take a decision to declare the applicant eligible or ineligible for aid.
The grant application and the eligibility of the costs incurred shall be assessed within 30 working days.
The grant is paid to the applicant within 20 working days of INVEGA’s decision to award the grant.

How does it work?

Submit an application to INVEGA at birza@invega.lt and receive a positive decision from INVEGA

The application must be completed in Lithuanian. Electronic documents must be signed with a qualified electronic signature. The following documents must be submitted with the application:

a declaration of small or medium-sized enterprise status form;
a 'single undertaking' declaration (in the case of aid applications under Regulation (EU) No 1407/2013);
a declaration of compliance with Article 2(18) and Article 6 of Regulation (EU) No 651/2014 (in the case of a request for aid under Regulation (EU) No 651/2014);
at the applicant’s choice, a set of interim financial statements for the last preceding quarter or the last day of the month preceding the submission of the application;
a declaration that the applicant’s activities, actions and transactions do not involve internationally sanctioned entities;
a power of attorney from the head of the company to an authorised person if the application is signed by someone other than the head.

INVEGA shall inform the applicant of its decision to declare the applicant eligible no later than five working days after the decision has been taken, using the e-mail address indicated in the application. INVEGA undertakes to pay the grant if the applicant who meets the requirements of point 11 of the Schedule duly fulfils the conditions set out in point 22 of the Schedule and submits the application referred to in point 38 of the Schedule.

Propertly list the sgares and/or bonds issued

An applicant who meets the requirements of point 11 of the Description must list the issued shares and/or bonds on the stock exchange to receive the subsidy, unless the applicant is an applicant whose shares and/or bonds have already been listed on the stock exchange by the date of the decision of INVEGA to declare the applicant as eligible, and the following conditions are met:

When shares are listed on a stock exchange:

This shall be done at the latest within a period of one year from the date of INVEGA’s decision to declare the applicant eligible for aid.
The applicant has raised at least EUR 500,000 in equity capital prior to the listing of their shares on the stock exchange, or within 60 days of such listing at the latest, which must be paid (contributed) in cash or in kind prior to the application.

in the case of listing of bonds on the Securities Exchange, this shall be done within a maximum period of one year from the date of INVEGA’s decision to declare the applicant eligible for aid.

If the listing of the securities on the stock exchange does not take place within the one-year period, but the applicant provides documentation (a prospectus [information document], paid invoices or other appropriate documents) showing that it is preparing for the listing of the securities on the stock exchange, INVEGA shall extend the one-year period for an additional one-year period.

The maximum period within which all the above actions must be carried out may not exceed two years from the date of INVEGA’s decision to declare the applicant eligible for aid.

Submit the grant application and all the necessary documents

Once the applicant has fulfilled the conditions set out in point 22 of the Schedule, they must submit a request for payment of the subsidy to INVEGA at birza@invega.lt no later than 30 calendar days after the shares and/or bonds have been duly listed on the Securities Exchange. If the conditions set out in point 22 of the description are fulfilled by the applicant before the date of INVEGA’s decision to declare the applicant eligible, the application shall be submitted at the latest within 30 calendar days from the date of INVEGA’s decision to declare the applicant eligible. The application must be accompanied by the following documents:

Copies of documents proving that the applicant has incurred eligible costs.
In the case of the listing of shares issued by the applicant, an additional declaration by the applicant is required. This must confirm that the applicant has raised, in the form of equity capital, at least EUR 500,000 in respect of the eligible listing, which has been paid up in cash or in kind prior to the application. It must also provide the relevant documents proving the fundraising (share subscription agreement, asset contribution deed, other documents proving the fundraising) and copies of the documents proving that the applicant has incurred eligible costs.
A statement of the applicant’s current account, certified by a member of staff of the financial institution (this may be an equivalent document in another form with the same content, e.g. a copy of the current account agreement).
A power of attorney from the head of the company to an authorised person if the application is signed by someone other than the head.

Once the evaluation of the application is completed, INVEGA decides whether or not to award the grant to the applicant

The applicant will be informed of INVEGA’s decision to grant or not to grant the subsidy by e-mail to the e-mail address indicated in the application, within five working days of INVEGA’s decision.