The equity and bond offerings by Island Hotels Group Holdings plc which opened for public subscription on 22 September were immediately closed due to oversubscription.
The €14 million 10-year 6.5% bonds were created as a result of the restructuring of the Island Hotels Group and issued to the two founder shareholders, Vassallo Builders Group Limited and TMC Limited. The bond offer by TMC Limited was made to enable it to partly fund the purchase of a further 25% of the issued share capital of IHG Holdings plc while the bond offer by Vassallo Builders Group Limited enabled them to realise their investment in the Group. Meanwhile the equity offer of 8,383,300 shares at €1.00 each was made by Vassallo Builders Group Limited also as part of the realisation of its investment.
Island Hotels Group has not yet announced the amount subscribed for by the preferred applicants in the bond offer (the holders of the 6.5% CareMalta bonds) which will be accepted in full. Moreover no details were provided as yet on the equity subscriptions received during the preplacement stage held last Friday. These details together with the amounts received during this morning’s public offer are likely to be revealed when the allocation policy is published by next Tuesday 29 September.