GO’s share price rebounds to 10-month high

In contrast to last Friday’s 9.9% plunge, GO plc’s share price today rebounded by 20% as fresh bids entered the market helping the close at a new 10-month high of €1.20 across sixteen trades totalling 109,510 shares. Shareholders of the quad-play telecom operator now await the Group’s decision on whether it will support the €30 million share capital increase proposed by Forthnet. The shareholders of Forthnet will vote on this proposal and other related capital changes during an Extraordinary General Meeting scheduled to be held on 3 August.

Elsewhere in the local equity market, the share price of Bank of Valletta plc failed to hold on to an intra-day high of €2.065 and closes at the €2.049 level representing a 0.3% decline from the previous close. A total of 11,248 shares changed hands today across eight trades. Lombard Bank Malta plc also closed in negative territory today with a 1% drop to a new 79-month low of €2.179 on low volumes of 750 shares.

Meanwhile, Malta International Airport plc maintained the €1.75 level on a single deal of 1,230 shares ahead of the 2012 interim results publication scheduled for tomorrow.   

LOQUS TRADING SUSPENDED

Meanwhile, the Malta Financial Services Authority (MFSA) through the Listing Authority announced the suspension of trading in the shares of Loqus Holdings plc with effect from today. This suspension was brought about by the company’s failure to publish its financial statements within the time-frames stipulated in the Listing Rules. The suspension is valid for 10 working days unless Loqus publishes the respective financial statements during this period. Should the company fail to publish its financial results by the end of the 10-day suspension, the Listing Authority may consider extending the suspension of trading by a further period of 10 working days. 

This action was taken after a notice issued by the Authority last Friday introducing the suspension of trading of instruments (bonds or shares) where the Issuer fails to adhere to the financial statement publication deadlines.

The latest announcement by Loqus Holdings plc was issued on 2 February 2012 stating that the 30 June 2011 year-end results would be issued by the end of March 2012.

MALITA SUBSCRIPTION

The subscription period for the new equity issue of Malita Investments plc will open on Monday 23 July. The company is issuing a total of 20,000,000 new ‘B’ shares for general public subscription at the nominal value of €0.50. Malita Investments will have a market capitalisation of €69 million representing a 2.5% weighting in the MSE Share Index.

On the local bond market, the Rizzo Farrugia MGS Index was marginally unchanged at 991.834 points despite a further dip in Eurozone yields to the 1.24% as the demand for the ‘safe-haven’ German bund builds up amid the prevailing sovereign debt crisis. Market attention remains on Italy (downgraded to Baa2 by Moody’s last week) and Spain as their respective borrowing rates continue to rise to unsustainable levels raising doubts on their ability to maintain enough market confidence in order to continue financing their debts through the bond markets.