Grand Harbour Marina plc - Allotment Policy

On 18 February 2010 Grand Harbour Marina plc announced the allotment policy with respect to its recent bond issue. The company received a total of €21.71 million spread across 2,262 applicants and as a result of the heavy oversubscription it exercised the over-allotment option increasing the bond issue to €12 million.

As detailed in the Prospectus dated 25 January 2010, the Company reserved €1 million for Preferred Applicants (shareholders and berth owners) and a further €5 million for pre-placements. GHM received €16.7 million for the pre-placement stage and a further €1.06 million in respect of the Preferred Applicants. These applications were therefore scaled down proportionately to achieve the reserved portions available.

Meanwhile, during the General Public Offering, the Company received a further 1,874 applications for a value of €15.71 million. Due to the overwhelming demand and the availability of only €6 million for the General Public, the Company decided to scale down these applications as follows:
1) Applications for amounts up to and including €3,000 were allotted in full;
2) Applications between €3,100 and €10,000 will receive the first €3,000 in full and a further 9.5% of the balance;
3) Applications between €10,100 and €50,000 will receive the first €3,000 in full and a further 9% of the balance;
4) Applications between €50,100 and €100,000 will receive the first 3,000 in full and 8.7% of the balance whilst
5) Applications of over €100,100 will receive the first €3,000 in full and 8.18% of the balance.

Interest on the Bonds started to accrue as from today 18 February 2010 whilst refunds will be made by not later than Thursday 25 February 2010. The Grand Harbour Marina plc bonds will be admitted to the Official List of the Malta Stock Exchange on Friday 26 February 2010 with trading expected to commence on Monday 1 March.

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