GAP bond issue oversubscribed

Last week's Lm15 million bond issue by GAP Developments plc was over-subscribed, bringing in more than Lm16.3 million, the company said.

GAP has now announced the policy it will use to decide on the allocation of bonds to the public who have applied for them.

Applications for Maltese-lira bonds with a nominal value of up to and including Lm4,000 will be met in full, as will applications for Euro-bonds with a nominal value of up to and including €10,000.

Applications for Maltese-lira bonds with a nominal value of more than Lm4,000 will be allocated as follows: The first Lm4,000 will be met in full, together with 37.15 per cent of the remainder.

Applications for Euro-bonds with a nominal value of more than €10,000 will be allocated as follows: the first €10,000 will be met in full, together with 37.15 per cent of the remainder.

All amounts allocated will be rounded down to the nearest Lm100/€100.

An official letter giving details of the bonds allocated will be posted to all applicants on Friday. Payment for bonds not allocated will be refunded on April 30 by direct credit to the bank account number given on the application form. Interest on the bonds will be reckoned as from last Monday.

The proceeds from this bond issue will be used to part-finance the development of Fort Cambridge in Sliema.