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APS Bank plc – Preliminary details of Rights Issue

Jonathan Falzon

September 15, 2025

Market News
15 September, 2025
4 min read
Market News
15 September, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 15 September 2025, APS Bank plc announced that it intends to raise about €45 million of new equity by way of a Rights Issue of new ordinary shares, subject to the due regulatory clearances which are currently in progress. APS explained that the proceeds are intended to strengthen its capital base and maintaining relevant regulatory requirements. Furthermore, this is also aligned with the dilution plans of the two qualifying shareholders, namely AROM Holdings Ltd (owned by the Archdiocese of Malta) and the Diocese of Gozo, holding respectively 54.67% and 12.52% of the current issued share capital.

In this respect, AROM Holdings Ltd and the Diocese of Gozo have been indicating that they intend to continue reducing their concentration in APS Bank plc and following discussions between the bank and the qualifying shareholders, it is expected that they will not be subscribing to their rights in any material way, if at all, such that their proportionate ownership and voting interests in APS Bank plc will be further diluted. Subject to the full take-up of the rights, the shareholding of AROM Holdings Ltd is expected to be less than 50%. APS highlighted that both qualifying shareholders continue to be fully supportive of the bank‘s strategy and growth plans.

In anticipation of the lapsing of rights of the qualifying shareholders, APS Bank plc will be engaging with investors interested in taking up those rights via a placement process, with a minimum investment consideration of €500,000.

APS stated that the process required to obtain regulatory approval for the Rights Issue is at an advanced stage and the publication of the Prospectus is expected in the first half of October 2025, which will be followed by the ordinary application process of the Rights Issue whereby eligible shareholders will be able to subscribe for their pro rata entitlements. Any shares not subscribed by eligible shareholders will be offered to the general public through an intermediaries’ offer.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 15 September 2025, APS Bank plc announced that it intends to raise about €45 million of new equity by way of a Rights Issue of new ordinary shares, subject to the due regulatory clearances which are currently in progress. APS explained that the proceeds are intended to strengthen its capital base and maintaining relevant regulatory requirements. Furthermore, this is also aligned with the dilution plans of the two qualifying shareholders, namely AROM Holdings Ltd (owned by the Archdiocese of Malta) and the Diocese of Gozo, holding respectively 54.67% and 12.52% of the current issued share capital.

In this respect, AROM Holdings Ltd and the Diocese of Gozo have been indicating that they intend to continue reducing their concentration in APS Bank plc and following discussions between the bank and the qualifying shareholders, it is expected that they will not be subscribing to their rights in any material way, if at all, such that their proportionate ownership and voting interests in APS Bank plc will be further diluted. Subject to the full take-up of the rights, the shareholding of AROM Holdings Ltd is expected to be less than 50%. APS highlighted that both qualifying shareholders continue to be fully supportive of the bank‘s strategy and growth plans.

In anticipation of the lapsing of rights of the qualifying shareholders, APS Bank plc will be engaging with investors interested in taking up those rights via a placement process, with a minimum investment consideration of €500,000.

APS stated that the process required to obtain regulatory approval for the Rights Issue is at an advanced stage and the publication of the Prospectus is expected in the first half of October 2025, which will be followed by the ordinary application process of the Rights Issue whereby eligible shareholders will be able to subscribe for their pro rata entitlements. Any shares not subscribed by eligible shareholders will be offered to the general public through an intermediaries’ offer.