FIMBank plc - Rights Issue Terms

Monday, May 26th, 2014

On 26 May, FIMBank plc issued an announcement revealing the terms of the upcoming USD50 million rights issue. The announcement noted that FIMBank has submitted an application to the Listing Authority requesting the admissibility to listing of 77,009,494 new ordinary shares of a nominal value of USD0.50 per share which will be available for subscription by those shareholders as at the close of trading on Friday 16 May.

Shareholders will be offered the opportunity to acquire 16 New shares for every 41 existing shares at an offer price of USD0.65 per share.

The Bank’s two largest shareholders, namely United Gulf Bank B.S.C. (UGB) and Burgan Bank S.A.K. (Burgan Bank) owning 60.54% and 19.51% respectively, have entered into separate Subscription Agreements with FIMBank whereby each of UGB and Burgan Bank have undertaken to subscribe to their respective entitlement in full.

Any lapsed rights by other shareholders will be offered to Financial Intermediaries during an Intermediaries Offer. Furthermore, Tunis International Bank S.A. (TIB) entered into an Underwriting Agreement in which it agreed to subscribe to a maximum of USD5 million worth of shares not subscribed to during the Intermediaries Offer.

The announcement also noted that FIMBank and UGB have terminated the Convertible Loan Agreement. As a result, UGB cannot convert the remaining amount of convertible loan into shares. Such decision is in line with the conditions of the listing status provided by the Listing Authority as set out in the Company Announcement dated 21 May 2014.

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