Hili Properties plc – Allocation Policy for New Bond Issue

October 15, 2015
|In Company Announcements
|By Jesmond Mizzi Financial Advisors

Hili Properties plc issued the following Company Announcement pursuant to the Malta Financial Services Authority Listing Rules:

Hili Properties plc is pleased to announce the allocation policy to be applied to applications received in respect of its €37,000,000 4.5% unsecured bonds 2025 issued by the Company in terms of a prospectus dated September 18, 2015. Subscription lists closed soon after opening on Wednesday, October 7, 2015 due to heavy over-subscription.

i.  The issuer reserved an aggregate amount of Bonds amounting to €1,000,000 for subscription by Hili Ventures Group Preferred Applicants. All Applications in this reserved portion were satisfied in full with the exception of two Applications with a spill over to the general public offer of €406,500.

ii.  3,831 Applications with a total value of €124,086,700 were received for the €16,000,000 reserved by the Issuer for the Hili Ventures Group Bondholders. Each Application was guaranteed a minimum of €4,000 and 1.153% on the remaining balance rounded to the nearest 100.

Excess amounts received for (i) and (ii) automatically participated at the general public stage as stipulated in the Prospectus.

In addition to the above, a further 5,035 applications totalling €102,307,500 were received by October 7, 2015 for participation in the general public offer.

The allocation policy adopted guarantees a minimum of €2,000 for each Application with an additional 1.964% on the remaining balance rounded to the nearest 100.

Interest on the bonds commences on October 16, 2015 and refunds of the unallocated amounts will be made by October 21, 2015. The bonds are expected to be admitted to the Official List of the Malta Stock Exchange on October 21, 2015 and trading is expected to commence on October 22, 2015.

Hili Properties plc thanks the investing public, institutional investors and the Authorised Financial Intermediaries for their strong support in this Bond Issue.

 

To view the Official Company Announcement, click here.