Gasan Finance Company plc – Allocation Policy

Gasan Finance Company plc announced the basis of acceptance for the issue of EUR 25,000,000 4.9% Gasan Finance Company plc Bonds 2019-21 (the 'New Bonds')

Demand was as follows:

1. The company received 2,184 applications totalling EUR 15,168,200, from bondholders of the 6% bonds due 2014-16. This represents more than 75% of the 6% Bonds 2014-16. These applications will be allocated in full. 

2. The company also received EUR 389,100 in applications from directors of the company and employees of the Gasan group. These applications will also be allocated in full. 

3. The company received a further EUR 14,215,200 in applications from holders of the 6% Bonds 2014-16 who wished to increase their investment in the company. In accordance with the propectus dated October 18, 2013, an amount of EUR 5,469,600 was available to allocate to such bondholders after taking into acount the allocations stated in 1 and 2 above. Consequently these bondholders were allocated 38.3621% of the amount they applied for, subject to rounding to the nearest EUR 100nom. Given that these bondholders applied for an amount in excess of the amount reserved for existing bondholders, the balance of EUR 8,745,600 was added to the applications received from the general public.

4. Applications from the general publicamounted to 993 with a value of EUR 13,322,100.

5. The excess amount applied for by existing bondholders (as stated in 3. above) and the amount applied for by the general public (as stated in 4. above), amounted to EUR 3,973,100. The directors of the company decided to adopt the following allocation policy:

– All applications were allocated the first EUR 1,000 nominal;

– Amounts in excess of EUR 1,000 were allocated a further 8.124% of the balance subject to rounding to the nearest EUR 100nom.

Interest on the bonds will commence on admission to listing on the Malta Stock Exchange which is expected to take place on December 2, 2013. Allotment letters and refunds of unallocated monies will be paid on Decemebr 2, 2013. 

The board of directors of the company would like to thank the existing bondholders, the investing public, institutional investors and financial intermediaries for their strong and widespread support. 

To view the official company announcement, click here.