Trident Estates plc - Rights Issue Details
On 9 October 2019, Trident Estates plc published a Prospectus dated 7 October 2019 in connection with a €15 million Rights Issue. The salient details of the Rights Issue are as follows:
Amount Offered:
12 million new ordinary shares of a nominal value of €1.00 each
Offer Ratio:
2 new shares for every 5 shares held
Rights Issue Offer Price:
€1.250
Use of Proceeds:
The net proceeds from the Rights Issue are principally earmarked to supplement the funding requirements for the completion of The Trident Park Project.
Rights Issue Period:
Tuesday 15 October – Tuesday 29 October 2019
Listing:
Official List of the Malta Stock Exchange
Admission to Listing:
14 November 2019
Downloads:
Trident Estates plc – Rights Issue Prospectus dated 7 October 2019
Trident Estates plc – Presentation to Financial Intermediaries dated 10 October 2019
Lapsed Rights:
If an entitlement to New Ordinary Shares is not validly taken up by noon on 29 October 2019, then such Rights will be deemed to have been renounced and will become Lapsed Rights. Any Lapsed Rights will be made available for subscription and shall be allotted as follows and in accordance with the Allocation Policy set out in Section 6.6 on page 60 of the Securities Note:
Allotment of Lapsed Rights to Eligible Shareholders:
Eligible Shareholders who accept their Proportionate Entitlement in full shall be entitled to apply for Lapsed Rights, subject to a minimum application amount of 1,000 New Ordinary Shares. The minimum bid price for the Lapsed Rights should not be lower than the Rights Issue price of €1.25 per New Ordinary Share. In the event that the demand for Lapsed Rights is greater than the number of Lapsed Rights available for allocation, then the Lapsed Rights shall be allocated strictly on the basis of the best bid price as indicated in the Lapsed Rights Application Form by the respective Eligible Shareholders. In the event that the demand for Lapsed Rights is less than the number of Lapsed Rights available for subscription, then the Eligible Shareholders applying for such Lapsed Rights shall be allocated the Lapsed Rights (and therefore the corresponding New Ordinary Shares) applied for in full. Any remaining unallocated Lapsed Rights shall be made available for subscription through an Intermediaries’ Offer.
Intermediaries’ Offer for the Lapsed Rights:
Any remaining Lapsed Rights will be offered to the general public through Financial Intermediaries via an Intermediaries’ Offer. The minimum price for which an offer for Lapsed Rights during the Intermediaries’ Offer may be submitted shall be the Rights Issue Price of €1.25 per New Ordinary Share. In the event that the demand for Lapsed Rights is greater than the number of Lapsed Rights available for allocation, then the Lapsed Rights shall be allocated strictly on the basis of the best bid price by the respective Financial Intermediary who has applied for Lapsed Rights and subject to the allocation policy to be announced by the Company. In the event that the demand for Lapsed Rights is less than the number of Lapsed Rights available for subscription, then the Financial Intermediary applying for such Lapsed Rights shall be allocated the Lapsed Rights (and therefore the corresponding New Ordinary Shares) applied for in full.
Risk Factors:
Trident Estates plc is subject to a number of risks pertaining to the nature of its businesses. Prospective investors are urged to read the risk factors found in the rights issue Prospectus dated 07 October 2019. These are listed in Section 1 – “Risk Factors” of the Registration Document on pages 14 to 17, and in Section 1 – “Risk Factors” of the Securities Note on pages 50 to 51. Copies of the Prospectus are available by email on request or from www.rizzofarrugia.com.
Disclaimer:
Prospective investors are urged to base any investment decision on all the information contained in the Prospectus. The value of investments may increase as well as decrease and past performance is not an indication of future performance. Prospective investors should consult an independent financial adviser for personal advice prior to participating in the Rights Issue.
Rizzo, Farrugia & Co. (Stockbrokers) Ltd is acting as Sponsor, Manager and Registrar for the Rights Issue of Trident Estates plc.
This webpage has been prepared based on the Prospectus dated 7 October 2019 issued by Trident Estates plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is not intended to be and should not be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.