United Finance announces allotment policy

United Finance plc has announced the allotment policy which has been applied in respect of the applications for its 6.75 per cent 2014-2016 bonds that were open for subscription between July 10 and 17.

The bond issue was over-subscribed and the company decided to exercise the over-allotment option and to issue €2 million additional bonds, taking the aggregate bond issue up to €12 million.

The company accepted all applications in full, except for large subscriptions received from institutional investors. These have been scaled down proportionately and such investors have been allocated 81.5 per cent of the amount applied for. Seventy-two per cent of the 6.75 per cent 2008 bondholders opted to settle the consideration payable by the surrender of their maturing bonds. Over the next few days they will receive the interest due on the maturing bonds up to and including yesterday.

Interest payable on the new 6.75 per cent 2014-2016 bond will start to accrue with effect from today and trading on the Malta Stock Exchange is expected to start tomorrow. Trading of the 2008 6.75 per cent bond, which had been suspended throughout the period of this issue, is also expected to resume tomorrow.