Rizzo, Farrugia & Co. (Stockbrokers) Ltd. - Malta

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Medserv plc - Results of Intermediaries’ Offer

Friday, January 15th, 2016

On 15 January, Medserv plc issued the results of its Intermediaries’ Offer comprising the €30,000,000 Unsecured Bonds (denominated both in USD and euro) as well as the 6,375,000 Rights (valued at €9,562,500) not taken up by the Company’s two largest shareholders.

The Company has received Placement Agreements from Intermediaries in the following aggregate amounts:

a) USD9,148,100 in respect of the 5.75% USD Bonds;
b) €28,823,900 in respect of the 4.50% Euro Bonds; and
c) 3,334,225 shares in respect of the Majority Shareholders Rights (representing just over €5 million).

Given that the bond issue was oversubscribed, no public offer for the Bonds will be made and the Company will be adopting the following allotment policy:

a) the subscriptions received in respect of the USD Bonds shall be allotted in full;
b) the subscriptions received from Intermediaries in respect of the Euro Bonds shall be allotted 76.26%; and
c) the subscriptions received in respect of the Majority Shareholders’ Rights shall be allotted in full.

As a result, the Company has sufficient resources to satisfy the balance of the consideration for the acquisition of the METS companies.

Meanwhile, the Rights Issue for eligible shareholders will close on Monday 18 January 2016.

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