Plaza Centres plc leases 85% of new extension

After the close of today’s trading session, Plaza Centres plc published its Interim Statement covering its performance since the start of 2011. The Directors explained that the Company maintained a satisfactory level of performance in line with expectations. The Interim Statement also confirmed that the Company inaugurated the new extension on 18 March 2011 with an occupancy level of 85%. Moreover, negotiations on the other parts of the extension are underway. Overall, the Plaza complex is 92% occupied, a rate which is expected to increase by the third quarter of 2011.

On the secondary market, few trades were affected today. Bank of Valletta plc eased marginally lower to close at the €2.80 level on volumes of 10,753 shares. Earlier this week, the Bank announced that it submitted an application with the Listing Authority for approval of a €125 million Debt Issuance Programme. Meanwhile, in an announcement this afternoon, BOV announced a conditional offer to acquire the eligible shares held by investor in the La Valette Multi Manager Property Fund for a consideration of €0.75 per qualifying share.

The share price of GO plc edged 0.7% higher to regain the €1.37 level across 7,500 shares. Further offers are already placed below today’s closing price. GO is scheduled to hold its Annual General Meeting on 8 June.

Overall, the MSE Share Index edged minimally lower to 3,395.044 points. Similarly, on the bond market, the Rizzo Farrugia MGS Index eased 0.1% lower to 974.941 points as the benchmark Eurozone yields marginally recovered to the 3.05% level.

Yesterday, GAP Developments plc published their 2010 accounts revealing a €6.9 million loss due to a €6.6 million reduction in the book value of the property held for development and resale. The Directors explained that sales enquires continued to be encouraging. However, sales prospects to foreign nationals were adversely impacted by the Government’s decision to stop issuing residency permits for non-EU nationals. The Annual Report also reveals that in March 2011 shareholders injected additional funds amounting to €5 million and a further injection of €2 million in the near future to ensure the financial sustainability of the Company.