MNB to review Norbi Update Lowcarb IPO prospectus

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The National Bank of Hungary (MNB) will look at Tebesz’ request to suspend an IPO of shares offering of Norbi Update Lowcarb, the bank announced today.

Small shareholders association Tebesz asked the National Bank of Hungary to suspend the IPO of shares of Norbi Update Lowcarb, which runs a lifestyle and nutrition franchise system, due to a violation of disclosure rules.

Tebesz said the company's owner and chief executive, Ferenc Norbert Shobert, revealed information that was not included in the flyer during the subscription period.

The MNB is considering whether freshly released information related to the issuer's share offering is in accordance with the content of the approved information prospectus, the bank said in a statement.

In order to make their decision, investors should rely exclusively on the information prospectus approved in the MNB resolution dated July 22, 2014, MNB added.

Norbi Update Lowcarb's IPO is taking place on September 8-26. The company plans to sell at most 2.2m shares at an initial price of HUF 990 apiece. The shares, which will be listed on the Budapest Stock Exchange, account for 34-35pc of registered capital.

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