Obligation Metalpha Group 7% ( DE000A19MDV0 ) en EUR

Société émettrice Metalpha Group
Prix sur le marché 100 %  ▲ 
Pays  Pays-bas
Code ISIN  DE000A19MDV0 ( en EUR )
Coupon 7% par an ( paiement annuel )
Echéance 01/10/2023 - Obligation échue



Prospectus brochure de l'obligation Metalcorp Group DE000A19MDV0 en EUR 7%, échue


Montant Minimal 1 000 EUR
Montant de l'émission 50 000 000 EUR
Description détaillée Metalcorp Group est une société minière diversifiée opérant dans l'exploration, le développement et la production de métaux de base et précieux, principalement en Amérique du Nord et en Australie.

L'obligation Metalcorp Group (ISIN : DE000A19MDV0), émise aux Pays-Bas pour un montant total de 50 000 000 EUR, à un taux d'intérêt de 7% et échéant le 01/10/2023, avec un prix actuel de marché de 100%, une taille minimale d'achat de 1000 EUR et une fréquence de paiement des coupons annuelle, a atteint sa maturité et a été intégralement remboursée.







Metalcorp Group B.V.
Amsterdam, the Netherlands
(a private limited liability company (Besloten Vennootschap - B. V.) incorporated under the laws of the
Netherlands, having its registered office in Amsterdam, Kingdom of the Netherlands)
Prospectus
for the Issue of up to EUR 50,000,000.00
7% Notes 2017/2022
Metalcorp Group B.V. (the "Issuer") will issue presumably on 2 October 2017 (the "Issue Date") up to
EUR 50,000,000 notes due 2 October 2022 (the "Notes"). The Notes will bear interest from and including
2 October 2017 to, but excluding, 2 October 2022 at a rate of 7% per annum, payable annually in arrears on
2 October of each year.
The obligations under the Notes constitute unsubordinated, unsecured obligations of the Issuer ranking pari pas-
su among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, un-
less such obligations are accorded priority under mandatory provisions of statutory law.
The Notes will be included to trading in the Open Market of Deutsche Börse AG (unregulated market of the
Frankfurt stock exchange (Freiverkehr der Frankfurter Wertpapierbörse)) presumably on 2 October 2017.
__________________
Issue Price: 100%
__________________
GLOBAL COORDINATOR AND BOOKRUNNER
FinTech Group Bank AG
This document (the "Prospectus") constitutes a prospectus pursuant to Article 5 para. 3 of the Directive 2003/71/EC of the European Par-
liament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to
trading as amended by the Directive 2010/73/EC of the European Parliament and of the Council (the "Prospectus Directive") for the pur-
pose of a public offering of the Notes in the Federal Republic of Germany ("Germany"), the Grand Duchy of Luxembourg ("Luxem-
bourg"), and the Kingdom of the Netherlands ("Netherlands"). This Prospectus has been approved by the Luxembourg Commission for
the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier - "CSSF") and has been notified to the German
Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - "BaFin"), and the Netherlands Authority for
the Financial Markets ("AFM") in accordance with Article 19 of the Luxembourg Law of 10 July 2005 on prospectuses for securities, as
amended, ("Luxembourg Prospectus Law"). Pursuant to Article 7 para. 7 of the Luxembourg Prospectus Law the CSSF does not take any
responsibility for the economic or financial soundness of the transaction and the Issuer's quality and financial solvency. The approved
prospectus may be downloaded from the Issuer's website www.metalcorpgroup.com under the heading "Bond", the website of the Frank-
furt stock exchange (www.boerse-frankfurt.de) and the website of the Luxembourg stock exchange (www.bourse.lu).
The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The
Notes may not be offered or sold within the United States of America or to, or for the account or benefit of, U.S. persons (as defined in
Regulation S under the U.S. Securities Act), except pursuant to an exemption from the registration requirements under the U.S. Securities
Act. Cf. section "General Information - Further notes regarding this Prospectus and the Offer" for additional information about eligible
offerees and transfer restrictions.
Prospectus dated 28 August 2017


GENERAL INFORMATION
Metalcorp Group B.V., having its corporate seat in Amsterdam, the Netherlands, with office address at Orlyplein 10,
Crystal Tower 20th floor, 1043 DP Amsterdam, the Netherlands and registered with the Trade Register of the
Chambers of Commerce under number 34189604, accepts responsibility for the information contained in this Pro-
spectus (the "Prospectus") pursuant to Article 9 of the Luxembourg Law on Prospectuses dated 10 July 2005. The
Issuer declares that, having taken all reasonable care to ensure that such is the case, the information contained in this
Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its
import.
In the event claims are asserted before a court of law based on information contained in this Prospectus, the
investor appearing as plaintiff may be required to bear the costs of translating the Prospectus prior to the com-
mencement of legal proceedings in compliance with the national laws of the individual Member States of the
European Economic Area.
FURTHER NOTES REGARDING THIS PROSPECTUS AND THE OFFER
No person is authorised to give any information or to make any representations in relation to the content and subject
matter of this Prospectus other than those contained in this Prospectus and, if given or made, such information or
representations must not be relied upon as having been authorised by or on behalf of the Issuer or the Global Coor-
dinator and Bookrunner. Neither the delivery of this Prospectus nor any offering, sale or delivery of any Notes made
hereunder shall, under any circumstances, create any implication (i) that the information in this Prospectus is correct
as of any time subsequent to the date hereof or, as the case may be, subsequent to the date on which this Prospectus
has been most recently amended, or supplemented, or (ii) that there has been no adverse change in the affairs or the
financial situation of the Issuer which is material in the context of the issue and sale of the Notes since the date of
this Prospectus or, as the case may be, the date on which this Prospectus has been most recently amended or sup-
plemented, or the balance sheet date of the most recent financial statements which are deemed to be incorporated
into this Prospectus by reference or (iii) that any other information supplied in connection with the issue of the
Notes is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the
document containing the same. The Global Coordinator and Bookrunner expressly does not undertake to review the
financial condition or affairs of the Issuer during the term of the Notes or to advise any investor in the Notes of any
information coming to its attention.
Neither the Global Coordinator and Bookrunner nor any other person mentioned in this Prospectus, except for the
Issuer, is responsible for the information contained in this Prospectus or any other document incorporated herein by
reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these per-
sons makes any representation, warranty or undertaking express or implied and none of these persons accepts any
responsibility for the accuracy and completeness of the information contained in any of these documents. The Glob-
al Coordinator and Bookrunner has not independently verified any such information and accepts no responsibility
for the accuracy thereof.
The Notes are not suitable for all kinds of investors. Each investor contemplating purchasing any Notes should make
its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness
of the Issuer. Neither this Prospectus nor any other information supplied in connection with the Notes should be
considered as a recommendation by the Issuer or the Global Coordinator and Bookrunner to a recipient hereof and
thereof that such recipient should purchase any Notes.
This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by any-one in
any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make
such offer or solicitation.
The Issuer and the Global Coordinator and Bookrunner do not represent that this Prospectus may be lawfully dis-
tributed or that the Notes may be lawfully offered, in compliance with any applicable registration or other require-
ments in any such jurisdiction other than the federal Republic of Germany, the Grand Duchy of Luxembourg, and
the Netherlands, or pursuant to an exemption available thereunder. They do not assume any responsibility for facili-
tating any such distribution or offering. In particular, no action has been taken by the Issuer or the Global Coordina-
tor and Bookrunner in any jurisdiction where action for that purpose is required.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions are restricted
by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Global Coordinator
and Bookrunner to inform themselves about and to observe any such restrictions. In particular, the Notes have not
been and will not be registered under the U.S. Securities Act and are subject to U.S. tax law requirements. Subject to
certain limited exceptions, the Notes may not be offered, sold or delivered in or into the United States or to U.S.
i


persons. For a further description of certain restrictions on offerings and sales of the Notes and distribution of this
Prospectus (or of any part thereof) cf. "Offer and Sale of the Notes ­ Selling Restrictions".
ii


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iii


TABLE OF CONTENTS
1
SUMMARY.................................................................................................................................................1
Section A - Introduction and warnings ........................................................................................................ 1
Section B - Issuer......................................................................................................................................... 1
Section C - Securities................................................................................................................................... 9
Section D - Risks ....................................................................................................................................... 10
Section E - Offer........................................................................................................................................ 13
2
ZUSAMMENFASSUNG ..........................................................................................................................16
Abschnitt A - Einleitung und Warnhinweise ............................................................................................. 16
Abschnitt B - Die Emittentin ..................................................................................................................... 16
Abschnitt C ­ Wertpapiere ........................................................................................................................ 25
Abschnitt D ­ Risiken................................................................................................................................ 26
Abschnitt E ­ Angebot............................................................................................................................... 29
3
RISK FACTORS ......................................................................................................................................32
3.1
Risks relating to the Issuer.............................................................................................................. 32
3.2
Risks relating to the Notes.............................................................................................................. 40
4
DOCUMENTS INCORPORATED BY REFERENCE.........................................................................45
4.1
The non-audited consolidated financial statement of the Issuer as of 30 June 2017 ...................... 45
4.2
The audited consolidated financial statement pursuant IFRS of the Issuer as of 31 December
2016................................................................................................................................................ 45
4.3
The audited consolidated financial statement pursuant IFRS of the Issuer as of 31 December
2015................................................................................................................................................ 45
5
GENERAL INFORMATION..................................................................................................................47
5.1
Responsibility for the Content of this Prospectus........................................................................... 47
5.2
Subject Matter of this Prospectus ................................................................................................... 47
5.3
Authorisation for the Issue of the Notes ......................................................................................... 47
5.4
Clearing .......................................................................................................................................... 47
5.5
Inclusion to Trading........................................................................................................................ 47
5.6
Principal Paying Agent................................................................................................................... 48
5.7
Reasons for the Offer, Expenses of the Issue and Use of Proceeds................................................ 48
5.8
Interested Parties ............................................................................................................................ 48
5.9
Documents Available for Inspection .............................................................................................. 48
5.10 Forward-looking Statements........................................................................................................... 49
5.11 Numerical and Currency Information............................................................................................. 49
5.12 Industry and Market Information.................................................................................................... 49
5.13 Further Information on the Use of this Prospectus by Financial Intermediaries ............................ 50
5.14 Additional Information................................................................................................................... 50
6
GENERAL DESCRIPTION OF THE ISSUER.....................................................................................51
6.1
Formation, Business Name, Registered Office, Financial Year, Duration and Term of the Issuer 51
6.2
Corporate object of the Issuer......................................................................................................... 51
iv


6.3
Share capital and shareholder structure .......................................................................................... 51
6.4
Auditors.......................................................................................................................................... 52
6.5
Rating ............................................................................................................................................. 52
6.6
Group Structure .............................................................................................................................. 53
6.7
History and Milestones in the Development of METALCORPGROUP........................................ 56
7
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES OF THE ISSUER ..........57
7.1
Board of Managing Directors ......................................................................................................... 57
7.2
Executive Management .................................................................................................................. 57
7.3
Supervisory Board.......................................................................................................................... 58
7.4
Potential Conflicts of Interest ......................................................................................................... 59
7.5
General Meeting ............................................................................................................................. 59
7.6
Corporate Governance.................................................................................................................... 59
8
BUSINESS OF THE ISSUER..................................................................................................................60
8.1
Overview ........................................................................................................................................ 60
8.2
Competitive Strengths .................................................................................................................... 61
8.3
Strategy........................................................................................................................................... 62
8.4
Business of METALCORPGROUP by Division ........................................................................... 63
8.5
Market and Competition................................................................................................................. 67
8.6
Employees ...................................................................................................................................... 69
8.7
Investments..................................................................................................................................... 70
8.8
Material Contracts .......................................................................................................................... 70
8.9
Legal Proceedings .......................................................................................................................... 72
8.10 Regulatory Environment................................................................................................................. 72
9
SELECTED FINANCIAL INFORMATION.........................................................................................74
10
TERMS AND CONDITIONS OF THE NOTES....................................................................................79
11
OVERVIEW OF RULES REGARDING RESOLUTIONS OF NOTEHOLDERS ...........................97
11.1 Specific Rules regarding Votes without Meeting ........................................................................... 97
11.2 Rules regarding Noteholders' Meetings applicable to Votes without Meeting .............................. 97
12
OFFER; SUBSCRIPTION AND SALE OF THE NOTES ...................................................................98
12.1 The Offer ........................................................................................................................................ 98
12.2 Envisaged Timetable ...................................................................................................................... 98
12.3 The Exchange Offer........................................................................................................................ 99
12.4 The Public Offer ............................................................................................................................. 99
12.5 The Private Placement.................................................................................................................... 99
12.6 Offer Period.................................................................................................................................... 99
12.7 Allocation and publication of result ............................................................................................. 100
12.8 Delivery and settlement................................................................................................................ 100
12.9 Issue price, Term, Interest, Repayment and Yield........................................................................ 100
12.10 Issue, Number of Notes to be issued and Result of the Public Offer and the Institutional Offer . 101
12.11 Costs of the Investors in Connection with the Offer..................................................................... 101
v


12.12 Selling Restrictions....................................................................................................................... 101
13
EXCHANGE OFFER.............................................................................................................................103
14
TAXATION.............................................................................................................................................113
14.1 Taxation of Noteholders in Germany ........................................................................................... 113
14.2 Taxation of Noteholders in the Netherlands ................................................................................. 116
14.3 Taxation of Noteholders in Luxembourg...................................................................................... 118
15
GLOSSARY ............................................................................................................................................122
16
RECENT DEVELOPMENTS AND PROSPECTS .............................................................................126
vi


1
SUMMARY
Summaries are made up of disclosure requirements known as `Elements'. These elements are numbered in Sections A ­
E (A.1 ­ E.7).
This Summary contains all the Elements required to be included in a Summary for this type of Securities and Issuer.
Because some Elements are not required to be addressed, there may be Gaps in the numbering sequence of the Ele-
ments.
Even though an Element may be required to be inserted in the Summary because of the type of Securities and Issuer, it
is possible that no relevant information can be given regarding the Element. In this case a short description of the Ele-
ment is included in the Summary with the mention of `not applicable'.
Section A - Introduction and warnings
A.1
Warning notice This summary should be read as introduction to the prospectus.
Any decision to invest in the notes should be based on consideration of the prospectus as
a whole by the investors.
Where a claim relating to the information contained in this prospectus is brought before a
court, the plaintiff investor might, under the national legislation of the Member States,
have to bear the costs of translating the prospectus before the legal proceedings are initi-
ated.
Civil liability attaches only to those persons who have tabled the summary including any
translation thereof, but only if the summary is misleading, inaccurate or inconsistent
when read together with the other parts of the prospectus or it does not provide, when
read together with the other parts of the prospectus, key information in order to aid in-
vestors when considering whether to invest in such notes.
A.2
Consent to the
The Issuer has given its explicit consent to the use of this prospectus during the offer
use of the pro-
period from 30 August 2017 to 28 September 2017 in Germany, Luxembourg and the
spectus
Netherlands by FinTech Group Bank AG, Frankfurt am Main, Germany, and declares in
this connection that it will assume liability for the content of the prospectus also in case
of a subsequent resale or final placement of the Notes.
The consent is not subject to any further conditions.
Should a financial intermediary make an offer, it shall inform the investors of the
terms and conditions of such offer at the time of the offer.
Section B - Issuer
B.1
Legal and
The legal name of the Issuer is "Metalcorp Group B.V.". In the market, the issuer also
commercial
acts under the commercial name of "METALCORPGROUP".
name
B.2
Domicile and
Metalcorp Group B. V. has its domicile in Amsterdam, the Netherlands, and is a private
legal form,
company with limited liability incorporated under the laws of the Netherlands. The Issu-
legislation un-
er is subject to the laws of the Netherlands.
der which the
issuer operates
and its country
of incorpora-
tion
1


B.4b
Trends
Overall, the Issuer will further explore and develop niche markets as well as in the fer-
rous and non-ferrous area of products. Furthermore, the Issuer will continue to explore
distressed assets that become available due to the market circumstances. A major contri-
bution is expected from the Issuer's industrial activities in the production of aluminium,
copper granulates and the pipe and tube plant. The Issuer will continue to further develop
the synergies between the different divisions and its global network. The long-term fi-
nancing and short term bank facilities are in place and the relationships with these banks
will be maintained. In order to further grow the trading activities, additional trade fi-
nance capacity is being developed with the METALCORPGROUP's current and new
banking relationships.
B.5
Description of
Metalcorp Group B.V. is a company based in Amsterdam, the Netherlands, and the hold-
the group and
ing company of METALCORPGROUP.
the issuer's
position within The following structure chart shows the group structure of METALCORPGROUP with
the group
its major subsidiaries:
METALCORP GROUP B.V.
(NL)
NON-FERROUS
FERROUS
RESOURCES DEVELOPMENT
PRODUCTION
TRADING
PRODUCTION
TRADING
BAGR NON-FERROUS
TENNANT METALS
STEELCORP INDUSTRIES B.V.
STEELCOM GROUP B.V.
OTHER MINOR
GROUP GMBH (DE)
GROUP B.V. (NL)
(NL)
100%
ENTITIES
100%
100%
100%
BAGR BERLINER
TENNANT METALS
STEEL & COMMODITIES
ORLYPLEIN
ALUMINIUMWERK GMBH
S.A.M. (MC)
S.A.M. (MC)
INVESTMENTS B.V.
(DE) 94%
100%
100%
100%
METALCORP IRON
SBG BAUXITE AND ALUMINA
TENNANT METALS
MCG SRR B.V.
ORE MINING B.V.
N.V. 100%
PTY LTD. (AU)
NB INVESTMENTS B.V. (NL)
100%
100%
100%
100%
TENNANT METALS
SOCIETE DES BAUXITES DE
YINCHEN B.V.
GMBH (DE)
NIKOLAIDIS TH. BROS. S.A.
STEELCOM USA LLC
GUINEE S.A. ("SBG") 81%
100%
100%
(GR)
100%
70%
MINING AND MINERALS LTD.
TENNANT METALS
STEELCOM STEEL &
TENNANT METALS UK
SIERRA LEONE (SL)
SOUTH AFRICA (PTY)
COMMODITIES GMBH
LIMITED
85%
STOCKACH
LTD. (ZA)
100%
100%
ALUMINIUM GMBH
50%
A & A METALS S.A.
METALCORP FINANCE
STEEL & COMMODITIES
(CH)
B.V.
IBERICA S.L.
NORWICH S. À. R. L.
100%
100%
100%
(ES)
100%
STEEL & COMMODITIES
SINGAPORE PTE. LTD.
CABLE RECYCLING
(SG) 100%
INDUSTRIES S.L. (ES)
100%
STEEL & COMMODITIES
INDIA PRIVATE LIMITED
MIV (SPV CRI LAND)
100%
100%
STEELCOM
INTERNATIONAL
GMBH (CH) 100%
STEELCOM AUSTRIA
GESMBH
100%
As a diversified metals and minerals group, METALCORPGROUP is structured in line
with its two major business segments, the Non-Ferrous Metals Division and the Ferrous
Metals Division, and the sub-divisions "trading" and "production" of each.
B.9
Profit forecast
Not applicable; no profit forecast has been made.
or estimate
B.10
Qualifications
Not applicable; there are no qualifications in the audit reports on the historical financial
2


in the audit
information.
report on the
historical fi-
nancial infor-
mation
B.12
Selected mate-
rial historical
The following tables present selected consolidated financial information of Metalcorp
financial in-
Group B.V. which has been derived from the audited consolidated financial statements
formation
of the Issuer as at and for the financial years ended 31 December 2016 and ended 31
December 2015 (the "Group Financial Statements") as well as the non-audited consol-
idated financial statement of the Issuer as at and for the six months ended 30 June 2017
(the "Half-Year Report 2017"). The Group Financial Statements were prepared in ac-
cordance with the International Financial Reporting Standards as adopted by the Europe-
an Union. The Half-Year Report 2017 were prepared according to the same accounting
principles as the Group Financial Statements with the exception of securities and taxa-
tion, which are both accounted for on an annual basis.
The summary of financial information presented below should be read, in particular, in
conjunction with the Group Financial Statements and the Half-Year Report 2017. The
Group Financial Statements and the Half-Year Report 2017 are available on the Issuer's
website www.metalcorpgroup.com under the heading "Bond" and on the website of the
Luxembourg Stock Exchange www.bourse.lu.Baker Tilly has audited the Issuer's con-
solidated financial statements for the years ended 31 December 2016. Rödl & Partner has
audited the Issuer's consolidated financial statements for the years ended 31 December
2015. Both Baker Tilly and Rödl & Partner have issued unqualified auditor's reports in
each case.
Some of the financial data was subject to rounding adjustments that were carried out
according to established commercial standards. As a result, totals or sub-totals in tables
and other data in this Prospectus which have not been rounded may differ from infor-
mation that has been rounded. Furthermore, rounded financial data may diverge from
totals or subtotals in tables or other sections in this Prospectus.
Selected Information from the Consolidated
1 January to 30 June
Year ended 31
Profit and Loss account
December
IFRS
(EUR thousand)
(EUR thousand)
2017
2016
2016 1
2015 2
Non-
Non-
Audited
Audited
Audited
Audited
Revenue................................................................ 312,888
208,998
422,557
446,648
Cost of sales ................................................................
-292,495
-196,027
-390,225
-419,418
Gross profit ................................................................20,393
12,971
32,332
27,230
Selling and administrative expenses................................
-7,484
-6,941
-11,526
-11,561
Operating Profit................................................................
12,909
6,030
20,806
15,670
Net Finance Cost................................................................
-3,401
-3,691
-10,304
8,348
Income tax................................................................
-
-
-1,766
-1,852
Profit ................................................................................................
9,508
2,339
8,736
5,470
1
Information taken from the Issuer 2016 audited consolidated financial statements as at and for the year
ended 31 December 2016 in accordance with IFRS.
2
Information taken from the Issuer 2015 audited consolidated financial statements as at and for the year
ended 31 December 2015 in accordance with IFRS.
3