Mapfre Middlesea plc - Results of Rights Issue

On 16 December, Middlesea Insurance plc announced the results of the recent €40.2 million rights issue. The 3 largest Middlesea shareholders (BOV, Mapfre and Munich Re) took up their entitlement of 41.9 million shares at €0.60 each, representing circa 62.5% of the total rights issue of 67 million shares. Meanwhile the remaining shareholders owning circa 37.5% of Middlesea Insurance plc only took up a fraction of their entitlement. As a result the shareholding of BOV and Mapfre, as underwriters of the rights issue, increased to 30.8% each.

The table below compares the shareholding structure before and after the rights issue.

Pre-Rights Issue Post Rights Issue
Bank of Valletta plc

21.6%

30.8%

Mapfre Internacional

21.0%

30.8%

Munich Re

19.9%

19.9%

Others

37.5%

18.5%

Middlesea announced that 1,152 shareholders took up their respective entitlement. The Middlesea shareholder base as at 31 March 2009 amounted to 4,495 members.

The 67 million new Middlesea shares are expected to be listed on the Official List of the Malta Stock Exchange on 28 December with trading commencing the following day. Following this rights issue, the total issued share capital of Middlesea Insurance plc will increase to 92 million shares.

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