Bank of Valletta plc - Preferred Applicants Allocation Policy

On 8 June, Bank of Valletta plc announced the allocation policy for the applications in respect of the €15 million reserved for preferred applicants (namely shareholders) which were lodged at the pre-placement stage of the new 10-year bonds issued at a coupon of 5.35%. The Bank stated that the first €7,500 of any application will be met in full. Meanwhile those shareholders which have applied for more than €7,500, will receive the first €7,500 in full together with only 1.6044% of the balance. The Bank received 2,448 applications for shareholders amounting to over €45 million.

This follows last Friday’s news that the pre-placement of the ‘non-shareholders’ portion was also heavily oversubscribed as BOV reportedly received almost 5 times the maximum available on offer amounting to €15 million. As a result applications were heavily scaled down and the allotment was set at only 20.74% of the original subscription.

The General Public offering for the balance of €20 million opened this morning and was closed by 12 noon. Allocations for the General Public Offering are expected to be announced in the next few days.

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