Premier Capital announces bond allocation policy

Premier Capital plc has announced its allocation policy for the issue of €25 million 6.8 per cent Bonds 2017 - 2020 which opened for public subscription on March 24.

The company will be satisfying all applications for amounts up to €3,000 in full, thereby satisfying 35.74 per cent of all applications received for the public offer. In the case of applications for amounts over €3,100, the company will likewise be satisfying the first €3,000 besides allocating a further 28 per cent of the remaining balance of all such applications. All amounts being allocated have been rounded down to the level of an integral number of the €100 nominal value of the bonds.

The public offer was over-subscribed immediately after subscription lists were opened, and the company therefore decided to exercise the over-allotment option and issued an additional €5 million to achieve the maximum aggregate amount of the bond issue of €25 million.

The company received 3,713 applications for the bond issue for an aggregate total of €35.94 million, which is €10.94 million in excess of the maximum aggregate amount of €25 million.

In terms of the prospectus, the company reserved €12.5 million for the purpose of entering into conditional subscription agreements with authorised intermediaries. Amounts subscribed for under such agreements, submitted to the Registrar on the pre-placement date of March 18, reached €35.02 million. As a result all amounts received from authorised intermediaries by the close of the pre-placement period were scaled down proportionately to the level of €12.5 million.

In addition to applications received up to the close of the pre-placement period, a further 3,078 applications for an aggregate €23.44 million were received by the close of the public offer on March 24 by way of subscriptions for the remaining €12.5 million available for allotment at the public offer stage.

Interest on the bonds will start today. The dispatch of allotment advices and refunds of unallocated moneys will be made by April 9. The bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on April 12, and trading is expected to start on the following business day.