On 24 July, United Finance p.l.c announced its allotment policy in respect of the applications for its 6.75% 2014-2016 Bonds which were open for subscription between the 10 July and the 17 July 2008.
The Bond Issue was over-subscribed, with the Company receiving subscriptions for a total €12.5 million. The Board of Directors was elected to exercise the over-allotment option and to issue a further €2,000,000 bonds, taking the aggregate Bond Issue up to €12,000,000.
The Company accepted all applications in full, except for subscriptions in excess of €2,500,000 received from institutional investors. These have been scaled down proportionately and such investors have been allocated 81.5% of the amount originally applied for.
72% of the 6.75% 2008 Bondholders opted to settle the consideration payable by the surrender of their maturing Bonds. In the next few days they will receive the interest due on the maturing bonds up to and including the 23 July 2008.
Interest payable on the new 6.75% 2014-2016 Bond will start to accrue with effect from 24 July 2008 and trading on the Malta Stock Exchange is expected to commence on 25 July 2008. Trading of the 2008 6.75% bond, which had been suspended throughout the period of this Issue, is also expected to resume on the 25 July 2008.