Triodos Bank notes that trading of its depository receipts (DRs) on the MTF does not provide the adequately functioning trading solution that DR Holders are looking for. It considers it unlikely that possible improvements to the MTF will sufficiently resolve the limitations experienced. Triodos Bank has therefore announced it is preparing for the listing of the DRs on Euronext.
SAAT shared its voting intention for Triodos Bank ’s AGM on 17 May 2024 at the depositary receipt holders' meeting on 15 April 2024, expressing its expectation that the Executive Board of Triodos Bank would then report on the outcome of the MTF evaluation and its conclusions, including a convincing action plan with clear timelines. That expectation has been met.
Partly at SAAT's insistence, Triodos Bank evaluated the tradability of DRs on the MTF. The practice of actually being able to open a trading account and the willingness of investors to take this extra step proved more difficult than anticipated. Thus, listing on the MTF did not bring what DR Holders and Triodos Bank were looking for.
SAAT is pleased that Triodos Bank, based on the results of the surveys and its own observations, has decided to prepare for a listing on Euronext, and to translate this into clear communication to the outside world immediately, including the next steps.
SAAT welcomes the thoroughness and transparency of the review, and the announced steps to achieve a listing on Euronext. It is in the interest of DR Holders and the bank that obstacles in the tradability of DRs are removed, that liquidity is further improved and trust between DR Holders and the bank is restored.
SAAT will further study the published documents, especially as they include views and expectations of DR Holders regarding SAAT and the voting policy, and will prepare a more comprehensive response at a later date.