A company announcement issued by Suncrest Hotels plc informed the public that the Lm5 million 6.7% Bonds 2014 – 2016 was oversubscribed with total demand exceeding Lm7.5 million. Interest on these bonds will commence on 21 December 2006.
It was also announced that the 8.25% Suncrest Bonds 2005 – 2007 will be redeemed upon maturity on 23 March 2007.
AX Investments announced that 92% of Suncrest Shareholders accepted the offer made by the Issuer. This equates to the conversion of 1,883,483 shares into Lm930,000 4% Bonds 2013 and Lm8,064 in cash. Interest on these bonds will commence on 23 December 2006.
Both bonds are expected to commence trading on the Official List of the Malta Stock Exchange in the first week of January 2007.