Island Hotels announce allocation policy

The Island Hotels Group this afternoon announced its allocation policy following last week's shares and bonds issue, which was oversubscribed within an hour.

The company received €6,089,900 through applications for shares at the pre-placement stage. These applications had to be scaled down to €3,250,000. Of this maximum amount, €250,000, representing the maximum amount of applications available for subscription by employees were allocated in full.

As for the remaining balance: subscriptions up to €1 million were allocated in full, whilst 24.35% of subscriptions in excess of €1 million were allocated.

Two applications of €1,100,000 each were received from Gary A. Neville and Ryan J. Giggs. These applications were allocated in full.

Applications received from the public amounted to €3,040,900. Since applications allocated at the pre-placement stage amounted to €5,450,000, the balance available to the public was €2,933,300. Applications for shares up to a nominal value of €200,000 were met in full. Applications for an amount in excess of €200,000 will be allocated at the rate of 94.85% of the total amount applied for.

Allocation policy in respect of the bonds

The company received 547 applications, totalling €5,469,900 from bondholders of the 6.5% CareMalta Finance plc 2010. This represented 61.8% of the outstanding CareMalta Bonds. These applications will be allocated in full.

Applications received from the public amounted to 1,819 with a value of €17,910,900. Since applications allocated to CareMalta Bondholders amounted to €5,469,900, the amount available to the public was €8,530,100.

Applications up to a nominal value of €5,000 were met in full. Applications for an amount in excess of €5,000 will be allocated the first €5,000 and about 14.50% of the balance applied for.