Island Hotels Group Holdings plc announced that Vassallo Builders Group and T.M.C. Ltd are issuing €14 million in bonds at a coupon rate of 6.5 per cent p.a. The bond shall mature between July 1, 2017, and June 29, 2019, subject to prior notice. The bonds shall be issued at par and constitute the general, direct, unconditional, unsubordinated and unsecured obligations of the issuer and shall at all times rank pari passu with other outstanding unsecured obligations.
Island Hotels Group Holdings plc also announced that Vassallo Builders Group Ltd shall offer 17,200,600 Ordinary Shares in Island Hotels Group Holdings p.l.c. at a share price of €1, of which 8,383,300 shares are being offered to the public while €8,817,300 ordinary shares are being offered to Double You Ltd and T Ltd. Therefore, an amount of €24,200,600 from the proceeds of the bond and equity issue shall be applied to the benefit of Vassallo Builders Group who shall realise their investment while an amount not exceeding €7 million will be for the account of T.M.C. Ltd.
Meanwhile, the Malta Stock Exchange index erased last week's gains as it declined by 0.99 per cent, closing at 3,054.292 points. Gains registered on three trading sessions were not sufficient to keep the index in positive territory, as the index lost 0.261 per cent and 1.32 per cent on Tuesday and Thursday respectively. Nine equities were traded this week with six closing in negative territory and three closing in positive territory.
A total of 203 deals were registered over the week with a turnover of over €7.25 million. In the equity market 94 transactions were executed for a total value of €332,377, while in the government bond market 54 transactions were registered for a value traded of over €3.99 million. A total of 48 deals were registered in the corporate bond market for a value of €496,273. In the Treasury bills market a total of seven transactions were registered for a total value of over €2.43 million.
FIMBank plc was the only positive equity from the banking sector this week, gaining a marginal $0.006, closing the week at $1.295, a rise of 0.47 per cent, as 1,105 shares changed hands over two deals.
The share price of Bank of Valletta plc lost 0.33 per cent from last week's gains, as a volume of 41,715 shares changed hands across 41 deals, for a total value of €124,876. The closing share price for the week was €2.99, as the equity traded at a high of €3.04 and a low of €2.95.
HSBC Bank Malta plc decreased by €0.025 this week, having traded at a low of €2.649 and a high of €2.70, as 23,794 shares changed hands on 27 deals, closing the week at €2.65.
Medserv plc registered a staggering rise of seven per cent yesterday, on a volume of 30,000 shares over four deals, closing the week at €3.745, appreciating by €0.245. This rise could mainly be due to the positive results announced by the group. In fact, Medserv plc announced that the group registered a rise of 38.21 per cent in its revenue for the first six months, from €5.91 million in 2008 to €8.17 million this year. Profit before tax for the same period increased by €829,563, from €684,166 in last year to €1.54 million in 2009, a rise of almost 125.5 per cent. Earnings per share for the period increased from €0.078 to €0.129.
Maltapost plc was the other gainer this week, as the equity registered an increase of €0.01, with 19,500 shares changing hands over four deals, closing at €0.70.
A rise of 4.64 per cent was not enough to keep the share price of International Hotel Investments plc up on the week, as the equity shed 2.5 per cent this week, having decreased by 6.82 per cent on Thursday. IHI closed the week at €0.82, with 20,868 shares being executed over nine transactions.
Go plc closed the week at €1.79, decreasing by €0.009 or 0.5 per cent, with 1,230 shares changing hands on four deals. On Tuesday, the group announced that the board had approved the interim financial statements for the period ended June 30.
The group registered a loss before tax of €5.37 million, compared to a loss before tax of €1.42 million for the same period in 2008. Revenue for the six month period decreased by 4.82 per cent from €64.21 million in 2008 to €61.12 million this year. Loss per share for the period increased from €0.043 to €0.055. The directors did not recommend the payment of an interim dividend.
Malta International Airport plc depreciated by 6.38 per cent on Monday on just 615 shares over two deals, as the equity closed at €2.20.
RS2 Software plc registered a single transaction of 1,000 shares, closing the week at €0.599, decreasing by a marginal €0.001.
Grand Harbour Marina plc also announced that its board of directors approved the interim financial statements for the period ending June 30. The company registered an increase in its loss before tax of €96,209, from €162,510 in 2008 to €258,719 in 2009. Revenue for the six month period declined by 14.27 per cent, to €926,196. Loss per share for the period increased marginally from €0.01 to €0.02. The directors did not recommend the payment of an interim dividend.
This article, which was compiled by Jesmond Mizzi Financial Services Ltd, does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact JMFS at 67/3, South Street, Valletta or on telephone 2122 4410 or e-mail jmizzi@jmfs.net.