6pm’s equity active for the first time since rights issue

A single trade of 5,000 shares in 6pm Holdings plc was affected this morning at a price of GBP0.30 per share. This deal represents the first trade since the Company undertook a rights issue of 10,788,000 shares. Today’s trade was executed at a 9.1% discount from the theoretical ex-rights price of GBP0.33.

Elsewhere, trading volumes remained low across the equity market. The MSE Share Index closed minimally higher as the slight upward movements in GO and HSBC outweighed the small declines in the share prices of Middlesea Insurance plc and MaltaPost plc.

Two further Interim Statements were released today. Middlesea Insurance plc announced that during the first quarter of 2011, the Group registered a further positive technical result from its insurance portfolios. However, the subdued performance on the Malta Stock Exchange adversely impacted the Group’s profitability when compared to the first quarter of last year.

Medserv plc reported that during the first quarter of 2011, the Group experienced an upturn in activity from its Malta base as a direct result of the extraordinary activity from the developments in Libya. Medserv noted that this increased activity had a positive effect on the Group’s financial results and the Directors expect the Group to register a profit for the first half of 2011. However the continuing uncertainty in the Group’s main market (Libya) make it extremely difficult for the Directors to formulate any reliable forecast for the second half of the year.

Another important company announcement was released today wherein Island Hotels Group Holdings plc reported that it signed a conditional framework agreement for the acquisition of 50% of the share capital of Buttigieg Holdings Limited, the parent company of the 100% owned subsidiary R.J.C. Caterers Limited. R.J.C. Caterers mainly operates in the retail and contract catering sector. The purchase consideration for the acquisition amounting to a maximum of €1,314,460 will be settled through the issue of new shares in Island Hotels Group to Buttigieg Holdings Limited at a price of €1 per share.