The Hal Mann Vella Group has announced the allocation policy for the €30 million 5% secured bonds offer, which was oversubscribed within minutes of opening last week. 

The company said it entered into a placement agreement with Charts Investment Management Service Limited to place €20 million of the bonds with authorised financial intermediaries, including Charts, and financial institutions. In this respect, aggregate commitments received amounted to €44.50 million - €24.50 million in excess of the amount available of €20 million.

As a result, all said commitments were scaled down proportionately to 45% of their value. In accordance with the placing arrangements, the bonds so allocated to authorised financial intermediaries were distributed to their respective customers and/or held for their own account.

The remaining balance available for subscription by members of the general public amounted to €10 million. By the close of subscription lists on October 27,  the company had received 3,016 applications for bonds totalling €44.02 million. As a result, the company will be satisfying the first €1,000 and allocating a further 17.0967% of the remaining balance of all such applications. All amounts being allocated have been rounded to the nearest €100.

Interest on the bonds will commence on Friday and refunds of unallocated monies will be made by Monday November 10. The Bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on Tuesday, November 11 and trading is expected to commence on November 12.