On 29 September, Island Hotels Group Holdings plc announced its allocation policy with respect to its recent combined offering of equity and bonds. Both the equity and bond offerings were over-subscribed.
Total applications received by IHG during the pre-placement stage amounted to 6,089,900 shares. Since the amount available during the pre-placement amounted to 3,250,000 (apart from the 1.1 million shares subscribed by each of Gary Neville and Ryan Giggs), applications during the pre-placement for up to 1 million shares were allocated in full whilst subscriptions in excess of 1 million shares were allotted at a rate of 24.35%.
Following the take-up of the 3,250,000 shares at the pre-placement and the subscription of 2.2 million shares in terms of the conditional placement agreements by Gary Neville and Ryan Giggs, the balance of 2,933,300 shares were available for subscription during the General Public Offer. The Company announced that it received applications amounting to a total of 3,040,900 shares. In view of this slight over-subscription, the allocation policy adopted by the company is as follows: the first 200,000 shares will be met in full while for those applications in excess of 200,000 shares, 94.85% of the remaining balance will be satisfied.
The Company received 547 applications amounting to €5.5 million from bondholders of the maturing 6.5% CareMalta Finance plc bond, representing 61.8% of the total amount of CareMalta bonds and all these applications will be met in full as declared in the prospectus.
Moreover the Company received a further 1,819 applications totalling €17.9 million for the remaining balance of €8.5 million on offer at the General Public Stage. The Company stated that due to the oversubscription the first €5,000 will be met in full whilst it will only allot 14.5% of the balance of the application.
Interest on the Bonds will commence on 7 October being the date of listing on the Official List of the Malta Stock Exchnage. Refunds of unallocated monies will be directly credited to applicants bank account by not later than Tuesday 6 October 2009.