Tumas Investments plc outlines bond allotment policy

Tumas Investments plc on Friday outlined the allotment policy following the overwhelming demand for the €20 million 6.25% Bond 2014-16 which opened and closed on July 3.

The board exercised the over-allotment option to increase the bond issue to €25 million.

3,429 applications were received for a total of €37.15 million, 50 per cent higher than the full bond issue. Applications at the pre-placement stage, which closed on July 1 already stood at €34.3 million, substantially over the limit set for pre-placement which was €15 million.

2,782 general public offer applications were allotted. Applications up to €3,500 (38 per cent of applications) were allotted in full. Applications for amounts between €3,600 and €100,000 had their first €3,500 accepted in full and were then allotted 12 per cent of the remaining balance.

Applications between €100,100 and €500,000 had the first €5,000 accepted in full and were then allotted 10 per cent of the remaining balance. Applications over €500,000 had their first €5,000 accepted in full and were then allotted 7.35 per cent of the remaining balance.

Interest on the bonds began last Friday. Refunds will be made by tomorrow. The bonds are expected to be listed on the Official List of the Malta Stock Exchange by July 22. Trading will start the following day.