On 20 December 2023, Triodos Bank announced that it had started the MTF evaluation process, which was going to focus on tradability, pricing and liquidity, and operational performance and accessibility of the MTF. Triodos Bank invited three independent third parties Deloitte Financial Advisory B.V. (Deloitte), Oaklins Equity & ECM Advisory B.V. (Oaklins) and Ipsos B.V. (Ipsos) to make analyses and prepare reports for the evaluation. Triodos Bank has considered these reports carefully. Please see the Annex to this press release for more details. The reports mentioned and Triodos Bank’s considerations are all publicly available on our website in English (www.triodos.com/mtfevaluation).

Jeroen Rijpkema (CEO and Chair of the Executive Board of Triodos Bank): “The MTF listing has not yet provided the adequately functioning trading solution that DR Holders and Triodos Bank are looking for. We have considered whether improvements to the functioning of the MTF would be capable of resolving the identified issues effectively. In parallel, we have considered the possibility to pursue a listing of the DRs on another trading venue. We have concluded a listing on Euronext will provide improved accessibility and therefore a better fit with new and current investors, while our mission, values and ambition to be a frontrunner in sustainable banking will remain unchanged.”

Key observations of the evaluation 

  • The MTF listing has succeeded in restoring tradability on an external trading platform in accordance with market-based pricing.
  • The MTF has successfully completed weekly auctions since the start of listing.
  • Price formation of the DRs on the MTF is affected by the limited availability of liquidity.
  • The research observations on accessibility and operational performance confirm that DR Holders have experienced issues with onboarding and interaction with the MTF platform.
  • The evaluation indicates that a meaningful group of existing and potential new investors have not been able or willing to onboard and trade on an MTF.

Overall, the research observations and Triodos Bank’s own observations show that the MTF listing has not yet provided the adequately functioning trading solution that DR Holders and Triodos Bank are looking for. Furthermore, potential improvements of the MTF are not deemed capable or are insufficiently capable of delivering a structural solution for accessibility and liquidity. Following consideration of the evaluation, the possibility to pursue a listing on another trading venue and the interests of Triodos Bank and its stakeholders, Triodos Bank has decided to start preparing for listing on Euronext. Triodos Bank aims for such a listing to remove possible barriers to enhancing the possibilities to invest in Triodos Bank’s DRs and further improve liquidity. On Euronext the price of DRs will continue to be determined by both buyers and sellers of DRs, as is now already the case on the MTF. The trading methodology will change from auction based to continuous trading. The mission and values of Triodos Bank will remain the same as they have always been.

Next steps

Triodos Bank will start preparing for the listing of the DRs on Euronext. Preparations will include an Extraordinary General Meeting to seek approval from DR Holders for the decision for a listing of the DRs on Euronext. In addition, approval of the relevant regulatory authorities will be sought. In the meantime, Triodos Bank and Captin will strive to further optimise the MTF, as trading will continue there until the listing on Euronext is completed and will work together to prepare for the listing and future trading on Euronext.