Tumas Investments announces allotment policy

Following the overwhelming demand for the €20 million 6.2 per cent Bond 2017-20 which opened and closed on June 25, Tumas Investments’ board of directors exercised the over-allotment option, increasing the bond issue to €25 million.

4,436 applications were received for a total of €42.96 million. 1,109 applications by preferred applicants as holders of the maturing 6.7 per cent bonds 2010-2012 for a value of €12.9 million will be met in full. This represents an acceptance rate of circa 80 per cent after taking into consideration the receipt of top-up amounts.

New applications from the public totalled 3,327 for a value of €30,062,400.

The directors decided that applications for and up to €4,000 were allotted in full. Each application for more than €4,000 received a further allotment of 5.312 per cent rounded to the nearest €100 nominal.

As a result, 44.6 per cent of applications from the public will be met in full. If the applications from preferred applicants are taken into account, 58 per cent of applications are to be met in full.

Interest on the bonds will commence on Saturday while allotment letters and refunds of un-allocated monies will be made by Friday.

The Bonds are expected to be listed on the official list of the Malta Stock Exchange by July 15 for trading to commence on July 16.