Bank of Valletta plc - Rights Issue Details

Wednesday, October 25th, 2017

Following the Company Announcement dated 23 October 2017, Bank of Valletta plc revealed the details of the upcoming rights issue on 25 October 2017. Eligible shareholders (i.e. shareholders until the close of trading on 24 October 2017) will be offered 1 new ordinary share for every 4 ordinary shares held at a price of €1.43.

The Bank explained that the price of €1.43 represents a discount of 27.47% to the theoretical ex-rights price (“TERP”). In calculating the TERP, BOV took into account the trade weighted average price over a three-month period from 18 July 2017 to 17 October 2017. BOV also stated that those eligible shareholders who do not take up any of their rights entitlement will suffer an immediate dilution of 20% in their interests in the Bank if the Rights Issue is fully taken up.

Following the successful completion of the Rights Issue, the issued share capital of BOV will increase by 25%. Further detailed information on the Rights Issue will be available in a Prospectus which will be available in due course following attainment of the necessary regulatory approvals.

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