Main Street Complex plc - New Initial Public Offering

Wednesday, April 25th, 2018

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THIS WEB PAGE IS ADDRESSED SOLELY TO PERSONS WHO ARE NOT RESIDENT IN, OR CITIZENS OF, OR WHO HAVE A REGISTERED ADDRESS IN, COUNTRIES OTHER THAN MALTA. 

The Prospectus issued by Main Street Complex plc of “Main Street Complex”, Antoine De Paule Square, Paola, Malta and being available for download on this website is for information purposes only and does not, and cannot be construed as an offer or invitation to persons who are not resident in, or citizens of, or who have a registered address in, countries other than Malta.

By downloading the Prospectus and/or viewing the contents found on this webpage, you hereby confirm that you are not resident in, a citizen of, or have a registered address in, countries other than Malta and that you have read and accepted all the above.

 

On 25 April 2018, Main Street Complex plc issued a formal notice announcing the issuance of 5,230,769 new ordinary shares and an offer of 7,538,460 ordinary shares by existing shareholders. The entire issued share capital of 19,384,619 shares will be admitted to the Official List of the Malta Stock Exchange.

Main Street Complex plc is the owner of the Main Street Shopping Complex located in the main square of Paola. The shopping complex comprises a total internal area of over 7,000 square metres, an external area of 1,000 square metres (including a terrace and roof area) as well as a small car park. The total rentable area, excluding the terrace, is 4,000 square metres which is currently almost fully occupied through 19 concession agreements covering the retail, catering, services and entertainment outlets.

Offer Price:

€0.65 per share

Number of Shares Offered:

7,538,460 shares

Offeror:

Embassy Limited

New Share Issue:

5,230,769 shares

Reasons for the Offer:

The IPO of Main Street Complex plc and the subsequent listing on the Malta Stock Exchange is being undertaken for a number of reasons including:

  • to provide the opportunity for Embassy Limited (which in turn is jointly-owned by the Gasan and Big Bon groups), who is the 99.99% owner of Main Street Complex plc, to realise part of its investment in the Company through the offer of shares; [Following the successful completion of the proposed IPO, Embassy Limited will hold 34.1% of the issued share capital of Main Street Complex plc, with the balance of 65.9% held by retail and institutional investors]
  • to increase the Company’s share capital and significantly reduce its debt levels through the issuance of new shares;
  • to enhance the Company’s public profile and status whilst creating a liquid market in its shares;
  • if required, to provide access to capital markets to aid the Company’s future growth.

Minimum Subscription Amount:

5,000 shares (equivalent to €3,250) and in multiples of 100 shares (equivalent to €65) thereafter.

Closing of Subscriptions:

Wednesday 16 May 2018 at noon

Listing:

The shares of Main Street Complex plc are expected to be admitted to the Official List of the Malta Stock Exchange on 30 May 2018 and trading is expected to commence on 31 May 2018.

Disclaimer:

Main Street Complex plc is subject to a number of risks pertaining to the nature of its business. Prospective investors are urged to read the “Risk Factors” found in the Prospectus issued by Main Street Complex plc dated 23 April 2018. These are listed in Section 3 – “Risk Factors” of the Registration Document found on pages 24 to 30 of the Prospectus, and in Section 2 – “Risk Factors” of the Securities Note found on pages 116 to 119 of the Prospectus. Copies of the Prospectus are available by email upon request, from our website at http://rizzofarrugia.com, or from our offices.

Prospective investors must also note that since the profit forecasts and the assumptions on which they are based relate to the future, they may be affected by unforeseen events. As such, the variation between forecasts and actual results may be material.

Downloads:

Main Street Complex plc – Prospectus dated 23 April 2018

A copy of our investment research report containing our analysis and opinion on this equity initial public offering is available through our fee-based Research Portal. Should you be interested in subscribing to our Research Portal, kindly send us an email on researchportal@rizzofarrugia.com to obtain a copy of the Subscription Agreement containing our ‘Terms of Use’.

This webpage has been prepared based on the Prospectus dated 23 April 2018 issued by Main Street Complex plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is not intended to be and should not be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.

Rizzo, Farrugia & Co. (Stockbrokers) Ltd is acting as Sponsor, Manager & Registrar to the Main Street Complex plc Initial Public Offering.

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