Gasan Finance plc today announced its allotment policy following the overwhelming demand for the €15 million 6% 2014 – 2016 bond issue. Applications closed within an hour of opening on April 27. The management had exercised the over-allotment option in full, thereby increasing the issue from €15 million to €20 million .
The company said 1,963 applications totalling €8,610,000 were received from bondholders of the 6.4% Bonds 2008-2011, representing 78% of the 6.4% Bonds 2008-2011. These applications were allocated in full.
Applications at pre-placement stage, totalling €12,693,000, were scaled down to €8,000,000, which represents 40% of the total issue including the over-allotment option of €5,000,000. Applications received were allotted 63.02% of the value applied for.
A total of 1,897 applications for a total of €9,816,000, were received from the general public. Applications by Gasan Group employees were met in full whilst all other applications were allotted a minimum of €1,000 and 18.3% of the balance applied for.
Interest on the bonds will commence from today, whilst allotment letters and refunds of unallocated monies will be paid by Monday, May 11.