On 24 May 2011, Bank of Valletta plc announced that it has formally submitted an application to the Listing Authority requesting the approval of a base shelf Prospectus in respect of a 12-month Debt Issuance Programme. The maximum aggregate principal amount of Notes issued under the Programme will not exceed €125 million (or its equivalent in any other currency).
BOV plc stated that an application will be made in respect of the first tranche of the Notes issued under the Programme to the Listing Authority for admissibility to listing on a recognised exchange and to the Malta Stock Exchange for admittance to its Official List and for trading to commence thereafter.
The Bank explained that subject to the Listing Authority granting its approval and subject to the effective admission of the first tranche of the Notes of the Official List of the Malta Stock Exchange, the proceeds thereof will be used by the Bank for its general corporate and funding purposes. BOV also explained that this Programme forms part of it’s longer term asset and liability management strategy intended to continue enhancing the already strong liquidity position in the context of the more stringent regulatory requirements in the years ahead. The Bank will also, through this Programme, seek to meet investor demand for medium-term interest bearing securities.
Further information on the Debt Issuance Programme and on the First tranche will be available in the Prospectus and in the relative Final Terms which will be published in due course following approval by the Listing Authority.