On 12 February Bank of Valletta plc announced it was granted approval by the Listing Authority to issue €50 million 4.80% Subordinated Bonds redeemable in 2020. The Bank reserves the right to increase the issue by a further €20 million. The bonds will be issued at par.
BOV will be giving preferential allocation to the Bondholders of the maturing 6.15% Subordinated Bonds (redeemable in 15 March 2010) who surrender their existing holding in part, or in whole, in favour of an equivalent amount in the new 4.8% Bonds. In this respect, bondholders have to submit their applications by not later than Wednesday 3 March to benefit from the preferential allocation.
Application has been made for the admissibility of the new 2020 Subordinated Bonds to be listed and traded on the Official List of the Malta Stock Exchange.
Copy of the Securities Note and Summary Note will be available on our website as from Monday 15 February 2010.