Mizzi Organisation Finance plc announces Allotment Policy
Mizzi Organisation Finance plc announces the allotment policy with respect to its recent bond issue. The Company received a total of €55,975,000 and as a result of the heavy over-subscription it exercised the over-allotment option increasing the bond issue to €30 million.
Mizzi Organisation Finance received 1,321 applications from existing bondholders of the 6.7% Bonds 2009-2012 for a value of €20,065,300 representing an acceptance rate of more than 84.3%. Furthermore, applications from Mizzi Applicants totaled €1,592,400 and will also be met in full. Mizzi Organisation Finance received €31,132,200 in applications at the pre-placement stage and since the amount available for allocations at this stage was €6,342,300, the Company satisfied only 20.4% of subscriptions.
Meanwhile, during the General Public Offering, the Company received a further 2,933 applications with a value of €27,975,000.
Due to the overwhelming demand and the availability of only €2,000,000 for the General Public, the Company decided to allot a minimum of €600 to each Applicant together with a further allotment of circa 1.04% rounded to the nearest €100 nominal.
Interest on the Bonds start to accrue as from yesterday 1 December 2009 whilst refunds will be made by not later than Monday, 7 December 2009. The €30 million Mizzi Organisation Finance plc 2016-19 bonds will shortly be admitted to the Official List of the Malta Stock Exchange.
Bank of Valletta plc were Managers and Registrars with Rizzo Farrugia & Co. Stockbrokers Ltd. Sponsors to the Mizzi Organisation Finance bond issue.
The auditors and reporting accountants were PricewaterhouseCoopers and Camilleri Preziosi acted as Legal Counsel.
Dr John C. Grech, Chairman of Mizzi Organisation Finance plc, said: “The Board of Directors would like to express its sincere thanks to the investing public, institutional investors, financial intermediaries and the banks for their strong and widespread support in the bond issue. This is a strong signal of investors’ perception towards the Mizzi Organisation”.