Middlesea rights issue fully subscribed

Middlesea Insurance plc on Wednesday announced its rights issue had been fully subscribed. Its three largest shareholders - Bank of Valletta, Mapfre Internacional and Munich Re, with a total holding of 62.5%, each took up their proportionate entitlement. BoV and Mapfre subscribed for a further 12.5 million excess shares each.

Additionally, 1,149 shareholders took up their proportionate entitlement and a further 346 shareholders subscribed to excess shares for a total of 1.7 million shares.

Middlesea said that demand for excess shares was greater than the number of available shares and a scaling down was necessary.

The shareholding structure of Middlesea now sees BoV and Mapre holding 30.8% each, Munich Re 19.9% (unchanged) while others hold 18.5% (down from 37.5%).

The company said that a further 67 million new ordinary shares of a nominal value of €0.60 are expected to be issued, allotted and admitted to listing at the Malta Stock Exchange by December 28.