GAP Group plc - Bond Allocation Policy

On 7 December, Gap Group plc issued a company announcement revealing the allocation policy to be adopted in respect of an issue of €21,000,000 (nominal) 3.70% secured bonds maturing between 2023 and 2025. Subscriptions closed on Monday 30 November 2020 due to over-subscription.

In terms of the Prospectus dated 20 November 2020, the Company entered into a conditional placement agreement with MZ Investment Services Ltd for the subscription of €11,000,000 in nominal value of Bonds.

The remaining €10,000,000 in nominal value of Bonds were made available for subscription by existing Gap Group bondholders and the general public. In this respect, the Company received 2,245 applications totalling €24,790,600, split as follows:

(i)                  Existing Gap Group bondholders: The Company received 1,322 applications for a total value of €17,380,000 in bonds. Each application will be allotted the first €4,000 in full and 14.00% on the remaining amount (rounded to the nearest €100);

(ii)                General Public: The Company received 923 applications for a total value of €7,410,600 in bonds. The general public were allocated the first €3,000 in full and 11.87% on the remaining amount (rounded to the nearest €100).

Refunds of unallocated monies will be processed on 11 December 2020 and interest on the bonds will start accruing as from 18 December 2020.

The Bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on 17 December 2020 and trading is expected to commence as from 18 December 2020.