Trident Estates plc - Rights Issue Allocation Policy

On 6 November 2019, Trident Estates plc announced the allocation policy with respect to the €15 million rights issue made up of 12,000,003 new ordinary shares at an offer price of €1.25. Total subscriptions from eligible shareholders and their transferees amounted to 11,152,571 new shares having a total value of €13,940,713.75. These applications were accepted and allotted in full.

Furthermore, Trident Estates received 365 lapsed rights application forms from eligible shareholders subscribing for 2,086,867 lapsed rights with bid prices ranging between €1.25 and €2.00 per new share for an aggregate value of €2,739,526.88. In view that the available balance of lapsed rights amounted to 847,432 new shares, the company adopted the following basis of acceptance:

  1. Applications for lapsed rights received at a bid price exceeding €1.27 per lapsed right: These represented 836,363 new shares equivalent to €1,045,453.75 which were allotted in full, resulting in a lapsed rights premium of €128,967.35;
  2. Applications for lapsed rights received at a bid price of €1.27 per lapsed right amounting to 36,350 new shares: An allocation policy was established on a pro-rata basis equivalent to 30.45% of the 36,350 lapsed rights applied for (rounded to the nearest lapsed right). By way of this policy, 11,069 new shares were allotted, equivalent to €13,836.25 translating into lapsed rights premium of €221.38; and
  3. Applications for lapsed rights at a bid price lower than €1.27: These applications were not accepted.

In view of the over-subscription of the right issue, Trident Estates noted that the Intermediaries’ Offer will not take place.

The new shares are expected to be admitted to listing on the Official List of the Malta Stock Exchange on 11 November 2019, and trading in the new shares is expected to commence as from 12 November 2019.