On 19 July, Simonds Farsons Cisk plc announced that its Board of Directors resolved to redeem the outstanding €15 million 6% bonds (the “existing bonds”) on 13 September 2017. The Directors also resolved to submit an application to the Listing Authority of the Malta Financial Services Authority in connection with a new €20 million unsecured bond issue maturing in 2027.
The announcement further explained that, subject to regulatory approval, Farsons will be granting preference to holders of existing bonds to subscribe to the new bonds by surrendering and cancelling all or part of their existing bonds.
Trading in the existing bonds will be suspended as from 31 July 2017. Further details will be published by Farsons following approval by the Listing Authority.