Last Monday, International Hotel Investments (IHI) confirmed that upon closing of the acceptance period of the voluntary public bid for the acquisition of the entire issued share capital of Island Hotels Group Holdings (IHG), it received in aggregate 99.68 per cent of the entire issued share capital of IHG.
IHI settled the cash component and 2,687,960 new IHI shares were admitted to the official list representing the entitlement to those IHG shareholders who opted for the combined consideration with the exception of the major shareholders of IHG as provided for in the conditional agreement.
IHI intends to acquire all the remaining shares in IHG in accordance with the listing rules and once this is complete, IHI will apply for the delisting of the IHG shares.
IHI’s share price edged up 0.5 per cent today to 81c on a single trade of 7,500 shares while the equity of IHG also traded today after a long period of inactivity with a trade of 2,000 shares at €1.10,1.
The share index closed the day marginally higher at a fresh seven-year high of 4,231.602 points.
In the banking sector, HSBC maintained the €1.88 level on weak volumes of 5,758 shares. The equity will continue to trade with the entitlement to the interim gross dividend of 5c1 (net: 3c32) per share until next Wednesday. The equity turns ex-dividend as from Thursday.
Similarly, Bank of Valletta held on to the €2.29,9 on activity of 18,176 shares and Lombard Bank closed unchanged at the €2.10 level after opening the day at a fresh multi-year high of €2.13. Lombard will be publishing its interim financial statements on August 25.
GO had a volatile session. The equity opened the day at €3.50 but dropped back to the €3.40 level and recovered again to €3.50 representing a minimal improvement over last Friday’s close. GO is scheduled to publish its interim results tomorrow.
The share price of Mapfre Middlesea continued to edge higher and added a further 0.5 per cent to €2.04 on shallow volumes of 2,600 shares.
The only negative performer of the day was Malta International Airport as the equity reversed last Friday’s gain. MIA’s share price closed 1.3 per cent lower at €3.90 level on activity of 23,160 shares. Shareholders as at close of trading today are entitled to the interim gross dividend of 4c62 (net: 3c) per share. The equity turns ex-dividend as from tomorrow.
On the bond market, the RF MGS Index edged up to 1,133.503 points as the benchmark 10-year German Bund yield dropped below the 0.7 per cent level. The Greek government is seeking to conclude talks on a new rescue program totalling €86 billion which will provide Greece with the required funds ahead of a payment due to the European Central Bank on August 20.
Trading commenced today in the recently-listed €13 million 5.1 per cent 6pm Holdings 2025 bonds with the price opening at 105.01 per cent and rising to a close of 108 per cent representing an eight per cent premium over the issue price. A total of €261,300 nominal changed hands across nine trades.
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