Premier Capital plc – Allocation Policy
The company announced that the allocation policy to be applied in respect of its issue of €65,000,0003.75%unsecuredbonds2026 (the “Bond Issue”) pursuant to the prospectus dated 21 October 2016 (the “Prospectus”). Subscription lists closed soon after opening on Monday 14 November 2016 following oversubscription.
The Company received 6,107 Applications, totalling €100,145,500 resulting in an over-subscription amount of €35,145,500, made up as follows;
(a) Existing Bondholders: 1,881 Applications with a total value of €29,115,800 were received for the €30,000,000 in Bonds reserved by the Issuer for Existing Bondholders. All Applications by Existing Bondholders were allocated in full and an amount of €884,200, representing the amount not taken up from the reserved portion of €30,000,000, was made available for allocation to the general public in terms of the allocation policy set out in the Prospectus;
(b) Hili Ventures Group Stakeholders: the Company reserved an aggregate amount of Bonds for a total value of €3,000,000 for subscription by Hili Ventures Group Stakeholders. All Applications in this reserved portion were satisfied in full with the exception of one Application which was accepted in part and is to have an amount of €53,500 refunded;
(c) Hili Ventures Group Bondholders: the Company received 2,708 Applications for a total value of €44,474,000 from Hili Ventures Group Bondholders against a reserved portion of €12,000,000. Each Application was guaranteed a minimum amount of €3,000 and 11.3670% on the remaining balance rounded to the nearest €100;
(d) General Public: A further 1,501 Applications totaling €23,502,200 were received by the Issuer for participation in the offer open to the general public. The amount available for allocation amounted to €20,884,200 being the reserved portion of €20,000,000 plus an additional €884,200 representing the amount not taken up by Existing Bondholders (vide para (a) above). As a result, all Applications in this category were allocated the first €50,000 in full and 55.0375% on the remaining amount rounded to the nearest €100.
Interest on the Bonds will commence on 23 November 2016 and refunds of unallocated monies will be made by 28 November 2016. The Bonds are expected to be admitted to the Official List of the Malta Stock Exchange on 30 November 2016 and trading is expected to commence with effect from 01 December 2016.
The Issuer also announces that the 6.8% Premier Capital Bonds 2017/2020 (ISIN MT0000511205) will resume trading as from 1 December 2016.
To view the full announcement, click here.