Mizzi bonds allotment policy

The board of directors of Mizzi Organisation Finance has announced the allotment policy to be applied to the applications for its Lm5 million bond issue, which was opened for subscription on May 23.

A total of 1,861 applications for a value in excess of Lm14.3 million were received.

As a result of this overwhelming demand, the issue was closed a few hours after the opening of subscription lists.

The company will be exercising the over-allotment option to issue an additional Lm5 million in bonds, thus increasing the issue to Lm10 million.

All applications received in connection with the employee offering and during the pre-placement stage will be allotted in full.

Applications received from the public after opening of subscription lists will be allotted according to the following policy: applications for bonds having a nominal value up to and including Lm5,000 will be met in full.

Applications for bonds having a nominal value in excess of Lm5,000 will be met as follows: the first Lm5,000 will be met in full; 10 per cent of the next Lm5,000; 3.5 per cent of the next Lm90,000; and 2 per cent of the balance.

Where applicable, allotments will be rounded down to the nearest Lm100.

Allotment letters and refunds of unallocated monies (where applicable) will be sent by June 10 and interest on the bonds commenced as from yesterday.