Strong demand for marina bonds

Grand Harbour Marina received 2,262 applications for its bond issue for an aggregate total of €21.71 million.

This was €9.71 million in excess of the maximum aggregate amount of €12 million. The public offer, announced on February 11, closed immediately after opening due to strong demand.

The company decided to exercise an over-allotment option, issuing an additional €2 million.

It also reserved €5 million for financial intermediaries and €1 million for subscription by preferred applicants - ordinary shareholders and owners of berth licences within the marina.

In addition to applications received up to the close of the pre-placement period, a further 1,874 applications for an aggregate €15.71 million were received by the close of the public offer on February 11. The company scaled down the applications according to the conditions listed in the prospectus.

Interest on the bonds commenced yesterday. The dispatch of allotment advices and refunds of unallocated monies will be made by February 25. The bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on February 26, and trading expected to commence on the following business day, March 1.