Gasan Finance announces bond allotment policy

Gasan Finance Company plc on Monday announced its bond allotment policy following the overwhelming demand for the €15 million, 6% Bonds 2014-2016.

The board closed applications within an hour from opening on April 27. The over-allotment option was exercised in full, increasing the issue to €20 million.

1,963 applications totalling €8,610,000 were received from bondholders of the previous 6.4% Bonds 2008-2011, representing 78 per cent of bond holders. These applications were allocated in full.

Applications at pre-placement stage, totalling €12,693,000, were scaled down to €8 million, which represents 40 per cent of the total issue including the over-allotment option of €5 million. Applications received were allotted 63.02% of the value applied for.

A total of 1,897 applications for a total of €9,816,000, were received from the public. Applications by Gasan Group employees were met in full while all other applications were allotted a minimum of €1,000 and 18.3 per cent of the balance applied for.

Interest on the bonds started from last Monday. Allotment letters and refunds of unallocated monies will be paid by tomorrow.