Tigné Mall plc - New Share Offering

On 25 March 2013, Tigne Mall plc (‘Company’) issued a formal notice announcing the combined offering of 56,400,000 shares. MIDI plc and Tigne Contracting Limited (collectively referred to as the Offerors) will be offering their existing holding of 42,400,000 shares and the Company will be issuing a further 14,000,000 new shares. The shares are being offered at the nominal value of €0.50 per share and will be admitted to the Official List of the Malta Stock Exchange.

MSV Life plc has entered into a pre-allocation agreement whereby it has undertaked to purchase 20,000,000 shares, equivalent to 35.5% of the total issued share capital.

Tigné Mall plc was originally set up on 1 December 2004 with the sole purpose of managing and operating ‘The Point’ as well as 253 car spaces. The Point is a shopping mall built according to the latest international standards comprising 14,349 square metres of retail space spread across three floors. The mall’s 50 retail units are all occupied with Debenhams being the anchor tenant.

Offer Price

€0.50 per share

Amount

56,400,000 shares

Underwriter

Bank of Valletta plc (up to a maximum of 14,000,000 shares)

Reasons for the Offer & Issue

The €20.9 million net proceeds from the share offer will be for the benefit of the offerors (the MIDI Group) who are realising their investment in the Company.

Meanwhile, the Company will raise net proceeds of €6.5 million from the issue of new shares which will be used to partially reduce its existing borrowings.

Risk Factors

Tigne Mall plc is subject to a number of risks pertaining to the nature of the Company’s business. Prospective investors are urged to read the Risk Factors found in the Prospectus issued by Tigne Mall plc dated 20 March 2013. These are listed in the Registration Document on pages 8 and 9 and also in the Securities Note on pages 8 and 9.

Preplacement Date

12 April 2013

Minimum Application for shares – Preplacement

50,000 shares (equivalent to €25,000) and in multiples of 100 shares (equivalent to €50) thereafter.

Preferred Applicants

All MIDI plc shareholders as at the close of trading on Wednesday 13 March 2013.

Preferred Applicants Date

12 April 2013

Minimum Application for shares – Preferred Applicants

2,000 shares (equivalent to €1,000) and in multiples of 100 shares (equivalent to €50) thereafter

Combined Offer Period

15 April 2013 – 19 April 2013 (or earlier in the case of over-subscription)

Minimum Application for shares – Combined Offer Period

2,000 shares (equivalent to €1,000) and in multiples of 100 shares (equivalent to €50) thereafter.

Listing

The shares of Tigne Mall plc will be admitted to the Official List of the Malta Stock Exchange.

Downloads

Tigne Mall plc – Prospectus dated 20 March 2013

Tigne Mall plc – Authorisation to Apply Form

Should you be interested in obtaining a copy of our equity research note including our recommendation, kindly send us an email on info@rizzofarrugia.com

 

Rizzo, Farrugia & Co. (Stockbrokers) Ltd acted as Sponsor to Tigne Mall plc.