A total 94.4 per cent of investors in the La Valette Multi Manager Property Fund have taken up Bank of Valletta’s conditional settlement offer.

The bank said in a brief statement that the investors represent 95.2 per cent of the shares in issue.

It said that payments of the amounts due are being processed, and will reach the investors who accepted the offer by Wednesday.

The bank offered 75c per share offer in lieu of losses incurred on the fund.

The “settlement”, which, the bank has insisted, was not an admission of guilt, is believed to be costing the bank about €45 million.

BOV retained the right to withdraw its offer if less than 70 per cent of investors accept it.