AX Investments bond allotment policy

AX Investments plc last week said it received a total value in excess of Lm7.5 million for its 6.7% 2014-2016 bonds. As a result, the bond issue was closed on the first day of opening for subscription lists.

To ensure the widest possible distribution of the bonds, the company adopted the following allocation policy:

• applications from Suncrest Bondholders will be met in full;

• applications from the public will be allotted as follows:

- those for a nominal value up to and including Lm500 will be met in full;

- those with a nominal value in excess of Lm500 will be allotted as follows: the first Lm500 will be met in full, and 23% or the remaining portion will be allotted.

All allotments will be rounded down to the nearest Lm100.

Allotment letters and refunds of unallocated monies (where applicable) will be mailed shortly. Interest on the bonds started on Thursday.

As announced by Suncrest Hotels plc, the remaining balance of 8.25% Suncrest Bonds 2005-2007 will be redeemed on maturity on March 23, 2007.

Lm930,000 4% bonds 2013

AX Investments also reported good demand for the offer made to Suncrest shareholders for the acquisition of their respective Suncrest shares in exchange for cash or through the issuance of bonds.

The company is to acquire 1,883,483 Suncrest Hotels shares, which equates to 92% of a total of 2,045,000 Suncrest shares eligible for the offer.

The company is to issue Lm930,000 4% Bonds 2013 and Lm5,517 in cash for the 1,883,483 Suncrest Hotels shares acquired.

Registration advices and settlement cheques will be mailed soon. Interest on the bonds started yesterday.

The board of directors of AX Investments thanked the investing public for supporting the issue, Charts Investment Management Service Ltd who were mandated to act as sponsoring stockbrokers and Bank of Valletta plc, who acted as registrars.