Telelink plans to initiate offering process in June (NEUTRAL)

After the required approvals from the FSC, Telelink Business Services Group (TBSG) is ready to begin its offering process. However due to the Emergency state in the country, they are considering June for a start date of the first tranche. Please recall that price for the first tranche is set at BGN 7.60 and the shareholders will offer 7% + another up to 7% upon interest. The company doesn’t feel remote work to be causing any problems. Management has also stated that they expect the current situation to raise “awareness and demand for the products and services” they offer. Apart from that nothing was mentioned about cancelling the planned distribution of BGN 4m in dividends, which means it is likely still on the agenda.