TAMINCO GROUP NV - FSMA
TAMINCO GROUP NVPantserschipstraat 207, 9000 Ghent, BelgiumEnterprise number 0891.533.631Offering of New Shares (with VVPR strips attached) and Existing SharesListing on Euronext Brussels of all Shares and VVPR stripsThis is an offering (the Offering) of ordinary shares (the Shares) of Taminco Group NV (the Company or theGroup), consisting of (i) an offering (the Primary Offering) of up to A 160 million in new shares (with VVPR stripsattached) (the New Shares) by the Company and (ii) an offering (the Secondary Offering) of up to 14,750,000existing shares (without VVPR strips attached) (the Existing Shares and, together with the New Shares, the OfferShares) by Taminco Group Holdings S.à r.l. (the Selling Shareholder).The Offering consists of (i) a public offering to retail investors in Belgium (the Retail Tranche) and (ii) an offeringto institutional investors (the Institutional Tranche) (A) outside of the United States pursuant to Regulation S(Regulation S) under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act), and (B) in the UnitedStates to “qualified institutional buyers” as defined in, and in reliance on, Rule 144A (Rule 144A) under the U.S.Securities Act.The Selling Shareholder will grant to Merrill Lynch International, as stabilisation manager (the StabilisationManager), on behalf of itself and the Underwriters (as defined herein), an option to purchase additional ExistingShares (the Over-allotment Shares) at the Offer Price, representing a maximum of 15% of the total number ofOffer Shares, solely to cover short positions, if any, created by over-allotments and/or from the sale of Shareseffected by them during the Stabilisation Period (as defined herein) (the Over-allotment Option).The Offer Price will be determined on the basis of a book-building process, conducted during the Offering Period(as defined herein), in which only institutional investors will participate. The Offer Price is expected to be publishedin the Belgian press February 5, 2010 and in any event will be published no later than one Business Day (as definedherein) thereafter. The Offer Price will be a single price in euro that will apply to all investors. It is expected to be setwithin an Offer Price range of between A 11.00 and A 14.00 per Offer Share (the Offer Price Range), although itmay be set below the lower end of the Offer Price Range.The Offering Period will start on January 21, 2010 and close at 4.00 p.m. CET on February 3, 2010, subject to thepossibility of an early closing (the Offering Period). In the event of an early closing, the pricing, allocation, listingand closing of the Offering may be advanced accordingly.Prior to this Offering, there has been no public market for the Shares or the VVPR strips (as defined herein).Application has been made to list the Shares on Euronext Brussels under the symbol “AMIN” and the VVPR stripsunder the symbol “AMINS”. Trading of the Shares and the VVPR strips on Euronext Brussels is expected tocommence, on an “if-and-when-issued and/or delivered” basis, on or about February 5, 2010 (the Listing Date).Delivery of the Offer Shares and the VVPR strips is expected to take place in book-entry form against paymentthereof in immediately available funds on or about February 9, 2010 (the Closing Date).An investment in the Offer Shares, the Over-allotment Shares, if any, and the VVPR strips involves substantialrisks and uncertainties. Prospective investors should read the entire document and, in particular, the sectionheaded “Risk Factors”, when considering an investment in the Company.NOTICE FOR NON-BELGIAN RESIDENT INVESTORSThe Offer Shares, the Over-allotment Shares, if any, and the VVPR strips have not been and will not be registered under thesecurities laws of any jurisdictions other than Belgium. The distribution of this document and the offer, sale and delivery of theOffer Shares, the Over-allotment Shares, if any, and the VVPR strips in certain jurisdictions may be restricted by law. The OfferShares, the Over-allotment Shares and the VVPR strips have not been and will not be registered under the U.S. Securities Act orthe applicable securities laws of any state or other jurisdiction of the United States and, subject to certain exceptions, may not beoffered or sold within the United States. Prospective purchasers are hereby notified that sellers of the Shares may be relying onthe exemption from the provisions of Section 5 of the U.S. Securities Act provided by Rule 144A. For a description of these andcertain other restrictions on transfer of the Shares and the distribution of this Prospectus, see “Selling and Transfer Restrictions”.Joint Global Co-ordinators and BookrunnersBofA Merrill Lynch Morgan Stanley KBC Securities BNP PARIBAS FORTISProspectus dated January 19, 2010
TABLE OF CONTENTSSUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Business Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .History and Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Our Competitive Strengths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Our Strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risks Relating to our Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risks Relating to our Industry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risks Relating to the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholding and Shareholder Transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Corporate Governance and Articles of Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Senior Facilities Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SUMMARY FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income Statement Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Additional Income Statement Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance Sheet Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash Flow Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Operating Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Divisional Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risks Relating to our Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risks Relating to our Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Risks Relating to the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .RESPONSIBILITY STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Persons Responsible for the Prospectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statutory Auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Approval of the Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .NOTICES FOR NON-BELGIAN RESIDENT INVESTORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notice to United States Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notice to New Hampshire Residents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notice to Investors in the European Economic Area (with the exception of Belgium) . . . . . . . . . . . .Notice to Investors in Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notice to Investors in the Dubai International Financial Centre . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notice to Investors in Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notice to Investors in Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .AVAILABLE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PRESENTATION OF FINANCIAL AND OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . .Use of Key Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Presentation of Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Non-IFRS Financial Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Market and Industry Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annualisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Rounding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .DIVIDEND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .EXCHANGE RATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CAPITALISATION AND INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .WORKING CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SELECTED FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income Statement Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Additional Income Statement Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance Sheet Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash Flow Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Operating Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Divisional Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .OPERATING AND FINANCIAL REVIEW AND PROSPECTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Overview of the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Presentation of Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Adjusted Metrics to Address Impact of Purchase Price Allocation . . . . . . . . . . . . . . . . . . . . . . . . . .Changes in Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Detailed Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Changes in Connection with the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Key Performance Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Gross Profit, Gross Profit Margin and Unit Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .EBITDA and EBITDA Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Significant Factors Affecting Our Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Volume, Product Mix and Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Raw Materials and Consumables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Operations in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Exchange Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Recent Developments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Results of Operations for the Nine Months Ended September 30, 2009 and 2008 . . . . . . . . . . . . . . .Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Depreciations, Amortisations and Write-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net Finance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income Tax Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Results of Operations of Taminco Group NV for the Year Ended December 31, 2008 and ofTaminco NV for the Year Ended December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Depreciation, Amortisations and Write-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net Finance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income Tax Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Comparison of Results of Operations of Taminco NV and the Company for the Year EndedDecember 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Results of Operations for the Years Ended December 31, 2007 and 2006 . . . . . . . . . . . . . . . . . . . . .Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Depreciations, Amortisations and Write-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net Finance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income Tax Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance Sheet Data for the Company as at September 30, 2009 and 2008 . . . . . . . . . . . . . . . . . . . .Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Liabilities and Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Comparison of Balance Sheet Data of Taminco NV and the Company as at December 31, 2008 . . . .Equity Reconciliation of Taminco NV with the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance Sheet Data for Taminco NV as at December 31, 2008, 2007 and 2006 . . . . . . . . . . . . . . . .Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Liabilities and Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Liquidity and Capital Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Revolving Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Non-recourse Factoring Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 969707070707171
Changes in Financial Indebtedness Following the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . .Senior Credit Facility .
TAMINCO GROUP NV Pantserschipstraat 207, 9000 Ghent, Belgium Enterprise number 0891.533.631 Offering of New Shares (with VVPR strips attached) and Existing Shares
FSMA Human Food Audit Checklist Iowa State University Extension and Outreach Department of Food Science and Human Nutrition . The Food Safety Modernization Act (FSMA) was signed into law on January 4, 2011. FSMA is the largest change in food safety law since the Food, Drug, and Cosmetic Act was first passed in 1938.
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developed Voluntary Guidelines for Managing Food Allergies in Schools and Early Care and Education Programs (2013) in response to the 2011 FDA Food Safety Modernization Act (FSMA). The purpose of the FSMA is to shift the focus from response toward prevention.
6/14/15 2 What is the New Law? ! Food Safety Modernization Act (FSMA) ! Effective Jan 4, 2011 ! Bi
Food –Final Rule due Aug. 30th, 2015 FSMA exempted LACF with respect to microbiological hazards –LACF processors will still have to address physical and chemical hazards –Acidified and acid foods not exempt— manufacturers of these products will have to comply with ALL FSMA requ
First State Montessori Academy (FSMA) is the culmination of the efforts of many determined people who have seen firsthand the power of a Montessori education. As Delaware’s first Montessori charter school, FSMA is one of the most innovative educational programs, and at the same time, o
Tourism is a sector where connectivity and the internet have been discussed as having the potential to have significant impact. However there has been little research done on how the internet has impacted low-income country tourism destinations like Rwanda. This research drew on 59 in-depth interviews to examine internet and ICT use in this context. Inputs Connectivity can support inputs (that .
