SFC announces rights issue

Simonds Farsons Cisk plc is to hold an extraordinary general meeting on September 30 at which two resolutions will be proposed.

The first is for an increase in authorised share capital by Lm50,000 made up of 400,000 ordinary shares, each of a nominal value of 12c5. The second resolution authorises the board of directors to issue up to two million ordinary shares, each of a nominal value of 12c5, upon such terms and conditions as the board may deem appropriate.

The purpose of the second resolution is to enable the board to make a rights issue of up to two million ordinary shares, of a 12c5 nominal value each, to ordinary shareholders on the register, at the close of Malta Stock Exchange business on Monday.

The rights issue is intended to replace in part the 300,000 six per cent (Net) Cumulative Redeemable Preference Shares 2001-2003 of Lm10 each in issue which are being redeemed on October 22, 2002. The company also intends to issue bonds to the public. The last day of trading in the six per cent (Net) Cumulative Redeemable Preference Shares 2001-2003 shall be Monday, September 16, which shall also be the record date for the purposes of the final dividend payable on Tuesday, October 22, and for any preferred allocation in respect of the issue of bonds. Details will be made available in due course.

Trading in Bank of Valletta took off this week at Lm2.58 on Monday, and during the session, the equity's price ranged from Lm2.55 to Lm2.60. The session ended at Lm2.59, up by 9c from the previous reading. Seven deals were struck in all, over which 4,504 shares changed hands.

Tuesday's session saw only two deals being struck, both at Lm2.57, with turnover reaching 3,000 shares. A further two cents were lost on the closing price when during Wednesday's trading session four deals were struck, all at Lm2.55. A total of 4,300 shares changed hands in these deals.

The equity's price was pulled even lower on Thursday when 7,600 shares spanning 19 deals were traded between Lm2.52 and Lm2.525 in a session which closed at Lm2.52.

Yesterday saw the trend continue as eight deals were struck between the opening price of Lm2.502 and the closing price of Lm2.50, thus ending the week 3.101 per cent lower than Monday's opening price. Following yesterday's session, 120 shares at Lm2.40 were left as best outstanding bids, while 2,000 shares at Lm2.50 were the best unsatisfied offers.

Trading in Maltacom opened on Monday at Lm1.11, went down to Lm1.102, before going up again to close the day at Lm1.125, up by 1c5 on the previous reading. Turnover amounted to 8,335 shares, which were spread over 12 deals. The following session saw just one deal being struck, in which 2,420 shares changed hands at Lm1.12.

Similarly, Wednesday's session witnessed just one deal for 1,000 shares being struck at Lm1.122. Thursday saw the equity lose 1c2 on the closing price as trading opened at Lm1.115 and closed at Lm1.11. Five deals were struck, over which 3,000 shares changed hands. Another 1c was lost off the closing price yesterday, as 10 deals for 13,410 shares were struck between Lm1.101 and the closing price of Lm1.10. At the close of business yesterday best bids for 200 shares at Lm1.09 were left against best offers of 6,000 shares at Lm1.10.

HSBC Bank Malta shares first traded this week on Monday, when 200 shares changed hands over two deals at Lm3.99 and Lm3.995, the opening and closing prices respectively. Tuesday saw one deal for 600 shares being struck at Lm3.984, thus dropping the closing price by 1c1.

The equity next traded yesterday, during which session the closing price lost 8c4 after one deal for 250 shares was struck at Lm3.90. Best bids for 800 shares at Lm3.75 and best offers of 550 shares at Lm3.90 were left unsatisfied following yesterday's session.

In a company announcement issued on Thursday, Global Financial Services Group plc stated that it is to sell 51 percent of its holding in Globe Retirement Planning Limited.

Thursday saw the Board of Directors of Datatrak plc meet to discuss and approve the Interim Financial Results for the period January 1 to June 30, 2002. These showed a turnover figure of Lm478,419 (23/10/00 to 30/06/01: Lm353,710), loss for the period of Lm261,375 (23/10/00 to 30/06/01: loss of Lm290,381) and loss per share of 1c6 (23/10/00 to 30/06/01: loss per share of 1c8).

The other equities to trade during the week were GloBAl Financial Services Group plc, which saw one deal being struck at Lm0.19, over which 1,000 shares changed hands; International Hotels Investments plc, which saw five deals being struck between Lm0.87 and Lm0.89, over which 6,100 shares changed hands; Lombard Bank, which saw two deals being struck at Lm3.58 and Lm3.54, over which 349 shares changed hands; Middle Sea Insurance plc, which saw four deals being struck between Lm2.10 and Lm2.00, over which 1,200 shares changed hands; Plaza Centres plc, in which 16,597 shares changed hands over six deals struck at Lm0.70; and FIMBank plc, which saw one deal being struck in the Put-Through Market at USD1.275, over which 189,200 shares changed hands.

Trading over the week in Corporate Bonds was made up of the following:

- Three deals struck in the 6.15 per cent Bank of Valletta 2010, in which a nominal value of Lm5,500 changed hands at Lm102.00.

- 10 deals struck in the 8 per cent Bank of Valletta 2010 (USD), in which a nominal value of USD303,000 changed hands at USD110.05.

- Two deals struck in the 6.7 per cent Corinthia Finance 2009, in which a nominal value of Lm1,000 changed hands at Lm101.50 and Lm102.00.

- One deal struck in the 6.75 per cent Corinthia Finance 2012, in which a nominal value of Lm4,000 changed hands at Lm102.75.

- Three deals struck in the 7.25 per cent HSBC 2005, in which a nominal value of Lm5,000 changed hands at Lm105.25.

- Two deals struck in the 6.7 per cent Mizzi Finance 2009/12, in which a nominal value of Lm9,800 changed hands at Lm103.00 and Lm103.35.

- Two deals struck in the 7.5 per cent Hotel San Antonio 2012, in which a nominal value of Lm2,000 changed hands at Lm97.00.

The MSE Share Index decreased by 19.55 points over the week, equivalent to 1.04 per cent, and now stands at 1,866.624.

Total Malta Government Stock turnover over the week amounted to a nominal value of Lm407,800 struck in 19 deals over 11 different stocks.