Crimsonwing shares reach new all-time high

Crimsonwing plc’s equity advanced by 1.7% to a new all-time high of €0.88 during this morning’s session across four deals totalling 28,631 shares. Demand for the shares of the IT company was sustained in recent days following the announcement of the three new contracts and the publication of the interim results showing a strong increase in profitability. Crimsonwing confirmed this afternoon that 484,982 new shares have been issued and admitted to the Official List following the scrip dividend recently approved by shareholders during the Annual General Meeting held on 16 October 2013. This represents a very high take-up of 97.1%.

The share price of GO plc also edged 0.3% higher to regain its 2013 high of €1.68 across eight deals totalling 35,770 shares. Investors now await the Board’s decision on whether GO will be participating or otherwise in Forthnet’s €30 million rights issue. The Greek telecoms company published the Prospectus last week and GO have until 18 December to take a decision.

In the financial sector, FIMBank plc and Lombard Bank Malta plc edged higher while the share price of Bank of Valletta plc declined. The US dollar denominated equity of FIMBank rose by 0.6% to USD0.95 on total volumes of 44,871 shares. The closing price of today is equivalent to the offer price of the voluntary bid launched by Burgan Bank and United Gulf Bank yesterday (jointly referred to as the Offerors). The Offerors launched a voluntary bid to acquire all the issued shares in FIMBank plc not already held by them. Shareholders may sell part or all of their holding to the Offerors at the price of USD0.95 per share which represents a premium of USD0.1348 (16.5%) to the net asset value of FIMBank plc of USD0.8152 per share as at 30 June 2013. The Acceptance Period is from 16 December 2013 to 20 January 2014. The Offer Document may be downloaded from http://rizzofarrugia.com/news-events/2013/voluntary-takeover-bid-fim15/.

Meanwhile, Lombard Bank Malta plc gained 0.5% to €1.86 on a small trade of 631 shares.

On the other hand, the share price of Bank of Valletta plc slipped 1% lower back to the €2.60 level on low volumes of 1,800 shares. The Bank is scheduled to hold its Annual General Meeting on 19 December.

Similarly, the equity of RS2 Software plc retreated by 0.8% to €2.28 across 10,116 shares.

Meanwhile, no change was registered in the share price of HSBC Bank Malta plc as it recovered from an intra-day low of €2.56 to end the session unchanged at the €2.57 level on volumes of 16,300 shares.

MaltaPost plc shares also finished the session unchanged at the all-time high of €1.135 on a deal of 2,996 shares. Today marked the last day for investors’ to gain entitlement to the final net dividend of €0.04 per share. Therefore, the equity turns ex-dividend as from tomorrow. The postal operator is scheduled to hold its Annual General Meeting on 15 January.

In the property sector, 2,900 Plaza Centres plc shares traded unchanged at the €0.57 level and MIDI plc held on to the €0.27 level across four deals totalling 60,000 shares after opening the day at €0.28.

On the bond market, the Rizzo Farrugia MGS Index inched marginally higher to 1,018.475 points as Eurozone yields dipped below the 1.85% level. The region’s finance ministers are currently discussing ways on how to close down failing European banks. Furthermore, markets welcomed the revised figures for Italian GDP which is now estimated to have been flat during the third quarter of 2013 (in contract to the previous eight quarters of contraction) as opposed to the initial estimate of a 0.1% drop.