On 19 December, Bank of Valletta plc announced the allocation policy with respect to the €150 million rights issue.
BOV noted that total subscriptions amounted to 138,595,008 new shares having a total value of €198.19 million resulting in an oversubscription of 33,595,008 shares having a value of just over €48 million.
Given the aforementioned oversubscription, no allocation will be made in respect to the applications received from employees and authorised financial intermediaries for the intermediaries’ offer amounting to 10,343,156 shares (€14.8 million).
Rights taken up by existing shareholders and their respective assignees amounted to 93,126,463 shares (€133.2 million). Such amounts were allotted in full.
Existing shareholders subscribed for a total of 35,125,389 lapsed rights compared to the remaining balance available of 11,873,537 new shares. As such, BOV will be allotting 33.80357% of any lapsed rights applied for, rounded to the nearest new share.
Refunds of unallocated monies in respect of lapsed rights applied for by existing shareholders will be effected by not later than Thursday 28 December. The new shares are expected to be admitted to the Official List of the Malta Stock Exchange by not later than Friday 29 December with trading expected to commence on Wednesday 3 January 2018.