On 30 November Mizzi Organisation Finance plc announced the allotment policy with respect to its recent bond issue. The Company received a total of €55,975,000 and as a result of the heavy oversubscription it exercised the overallotment option increasing the bond issue to €30 million.
Mizzi Organisation Finance received 1,321 applications from existing bondholders of the 6.7% Bonds 2009-2012 for a value of €20,065,300 representing an acceptance rate of more than 84.3%. Furthermore, applications from Mizzi Applicants totaled €1,592,400 and will also be met in full. Mizzi Organisation Finance received €31,132,200 in applications at the pre-placement stage and since the amount available for allocations at this stage was €6,342,300, the Company satisfied only 20.4% of subscriptions.
Meanwhile, during the General Public Offering, the Company received a further 2,933 applications with a value of €27,975,000. Due to the overwhelming demand and the availability of only €2,000,000 for the General Public the Company decided to allot a minimum of €600 to each Applicant together with a further allotment of circa 1.04% rounded to the nearest €100 nominal.
Interest on the Bonds will start to accrue on Tuesday 1 December 2009 whilst refunds will be made by not later than Monday 7 December 2009. The Mizzi Organisation Finance bonds will shortly be admitted to the Official List of the Malta Stock Exchange.