Bank of Valletta said this evening that it had noted remarks by the chairman of the MFSA about its €0.75 per share offer to investors in the La Valette Property Fund, but it would not extend its offer beyond the deadline.
In a statement, the bank referred to the chairman's remarks (in The Times) in which he called on BOV to extend its June 30 deadline, so that investors can "reflect calmly on the terms of the offer" and "seek good advice".
BOV noted that the offer of €0.75 per share was issued on May 26, and in the explanatory letter, all investors were urged to seek independent and competent advice and appropriate legal and/or financial advice.
"This recommendation has been repeated in every subsequent communication with investors, and in the Bank's view this period of over thirty days since the launch of the offer should have allowed sufficient time for reflection and the seeking of advice.
"The Board of Directors of the bank has noted the request that it should consider delaying the deadline for the closing of the offer, but, in the circumstances explained above, having very carefully considered the matter, does not feel able to accede to this request," it said.
BOV noted that the MFSA chairman expressed the view that certain people had, in his opinion, acted “very unprofessionally” in certain of the “accusations and insinuations” they have thought fit to print.
BOV said it had been saying this for some time, and it was confident that the authority would take all the necessary measures to ensure the discontinuance of such unprofessional behaviour.
The bank said that several hundred investors have already accepted the Offer and many more have already indicated their intention to do so.
It said it had at all times made it very clear that every investor should be free to make his or her own choice whether to accept or decline the offer, and that their rights would remain unimpaired.
“On the other hand, the Bank does not believe that a very vocal but small minority of investors should be permitted to impose their will on those other investors who choose to accept the BOV offer.
“Accordingly, having given careful consideration to the matter, the bank is of the opinion that the terms of the offer should remain unchanged, and, therefore, the offer will close, as planned, on June 30.
“Furthermore, the bank has also decided to process all acceptances received by that date, and full payment of the amount due to each investor will reach them by not later than July 6.”
The board said the bank firmly believed that the MFSA report on redemptions will exonerate it from any wrong-doing and that should the MFSA report on the bank’s sales processes indicate any shortcomings, these would not have an implication across all investors, as any complaints would need to be reviewed on a case by case, investor by investor, basis.
“The bank has already indicated to the MFSA that it will work expeditiously with the authority in the fair and equitable processing of any such complaints.”