Bank of Valletta plc – Allocation policy in respect of the offer by BOV of a maximum of €75,000,000 3.50% p.a. Subordinated Notes 2030
Bank of Valletta plc issued the following Company Announcement pursuant to the Malta Financial Services Authority Listing Rules
Allocation policy in respect of the offer by Bank of Valletta p.l.c. of a maximum of €75,000,000 3.50% p.a. Subordinated Notes 2030
Bank of Valletta p.l.c. (the “Bank”) is pleased to announce the allocation policy which has been applied to applications received in respect of its Offer of 3.50% p.a. Subordinated Notes 2030. The Bank closed subscription lists on Friday, 4 December 2015.
Subscription amounts in respect of the offer totalled €113,160,800 resulting in an over-subscription amount of €38,160,800. Applications received totalled 2,612, which amount increased to 3,024 when the nominee applications were broken down by individual applicants.
The following is the allocation policy adopted by the Bank which is subject to the following conditions: – Total maximum aggregate amount of €75,000,000 was offered for subscription in any one or a combination of Series 1/2015, Tranche 1 (hereinafter referred to as “Series 1”) and Series 2/2015, Tranche 2 (hereinafter referred to as “Series 2”); – An amount of a maximum of €40,000,000 out of the €75,000,000 was reserved for Preferred Applicants (these being the Bank’s shareholders, directors and staff); – Unsatisfied amounts in respect of the Preferred Applicants were automatically considered for allocation purposes with the applications submitted by the general public, without priority or preference. This pot consisted of an amount of €35,000,000.
1. Preferred Applicants (reserved amount of €40,000,000)
(a) Applications received under Series 1
Subscription amounts totalled €37,776,600. Applications received totalled 946.
All 946 applications were allocated the minimum investment amount of €25,000. This allocation amounted to €23,650,000.
(b) Applications received under Series 2
Subscription amounts totalled €33,596,000. Applications received totalled 834.
All applications up to €50,000 were allotted in full. This allocation amounted to €13,463,000.
(c) The allocation policy in respect of (a) and (b) above totalled €37,113,000 thereby leaving a balance of €2,887,000 out of the €40,000,000 reserved for Preferred Applicants. This balance was divided amongst all Preferred Applicants in both Series 1 and Series 2 (up to a maximum of €8,000) that were not yet satisfied in full following the allocations in (a) and (b) above.
2. General public offer (consisting of a pot of €35,000,000)
(a) Applications received under Series 1
Subscription amounts totalled €26,496,500. Applications received totalled 729.
All 729 applications were allocated the minimum investment amount of €25,000. This allocation amounted to €18,225,000.
(b) Applications received under Series 2
Subscription amounts totalled €15,291,700. Applications received totalled 515.
All applications up to €50,000 were allotted in full. This allocation amounted to €6,894,200.
Partially unsatisfied applications in respect of Preferred Applicants (totalling 42 applications) were allocated an additional aggregate amount of €1,269,000.
(c) The allocation policy in respect of (a) and (b) above totalled €30,936,300 thereby leaving a balance of €4,063,700 out of the €35,000,000. This balance was divided amongst all applicants in both Series 1 and Series 2 (up to a maximum of €13,300) that were not yet satisfied in full following the allocations in 1 (a) & (b) and 2 (a) & (b).
Pursuant to this allocation policy, 2,753 applicants out of a total of 3,024 applicants participating in the offer of Notes have received a full allocation. This figure translates to over 90% of applications that were fully allocated. Furthermore, as a result of this allocation policy, no ballot was required to be held in respect of Series 1 Notes.
Interest on the Notes will start accruing as from today Monday, 14 December 2015. First interest payment date will be 8 August 2016.
Refunds of unallocated monies will be effected by not later than Monday, 21 December 2015. Allotment advices will also be dispatched by not later than Monday, 21 December 2015.
The Notes are expected to be admitted to listing on the Official List of the Malta Stock exchange on the 22 December 2015. Trading in the Notes is expected to commence on the 23 December 2015.
The Bank thanks all investors for the confidence shown as well as the authorised financial intermediaries for their support in the offer.
To view the official Company Announcement, click here.