Bank of Valletta plc - Preplacement Oversubscribed

The pre-placement of the 5.35% Bank of Valletta €35 million bond issue held yesterday was heavily oversubscribed.

During the pre-placement a maximum of €30 million was available with €15 million earmarked for shareholders (preferred applicants) and another €15 million for other investors.

The allocation policy of the ‘non-shareholders’ revealed that the Bank 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 allocation policy for those investors who subscribed for the BOV bonds as preferred applicants is expected to be made later on today. Any amounts not allotted to shareholders will be automatically rolled-over into the General Public offering which opens on Monday 8 June. The bond issue can be increased to a maximum of €50 million leaving a balance of €20 million available under the General Public Offering.  Applications during the General Public offer are for a minimum of €2,500 (nominal) and in multiples of €100 thereafter.

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