Bank of Valletta plc - Property Fund Settlement

On 23 January, Bank of Valletta plc announced that the Bank has made a payment of €1 per share, less any payments already made by the Bank, to those investors of the La Valette Multi Manager Property Fund who have been identified as not being “experienced investors”. The list of investors eligible for further compensation was drawn up by Mazars and confirmed by the Malta Financial Services Authority (MFSA) following an independent file review of all clients in the fund.

The announcement also explained that appropriate provisions were made by BOV in the financial statements for the year ended 30 September 2012 in respect of the potential payments resulting from the above-mentioned independent review. As a result, no material charge will affect the results for the current financial year.

Finally, the Bank also stated that it is pleased that the Property Fund matter has now been closed.