Bonds allocation policy

Gasan Finance Company plc yesterday announced the allocation policy for the Lm3.5 million 6.4 per cent 2008/2011 bond issue which was oversubscribed.

The company had received 4,270 applications for a total value of Lm12.5 million, as a result closing the subscription list 90 minutes after its opening on October 30.

The over-subscription option was exercised and the issue increased to Lm5 million.

Applications from holders of the 6.15 per cent bonds 2003/4 to an amount equivalent to the principal amount of the 6.15 per cent bonds 2003/4 held by these bondholders and applications from institutions that took part in the pre-placement will be allocated in full.

Applications from employees of Gasan Group of companies up to Lm5,000 will be satisfied in full while those in excess of this amount will be scaled down to 44 per cent of the amount applied for.

Applications from holders of the 6.5 per cent bonds 2006/9 will be allotted a maximum of Lm800 per application.

The remaining applications will be scaled down.