Melite Finance plc - Bondholders’ Meeting

On 31 August 2021, Melite Finance plc announced that it is not in a position to meet the deadline for the publication of its unaudited interim financial statements for the six-month period ended 30 June 2021. Such delay is linked to a bondholders’ meeting which has now been scheduled to take place by not later than 8 October 2021.

Melite Finance explained that it is currently in the process of completing a Bondholders’ Circular and ancillary documentation for the purposes of the bondholders’ meeting. The proposed circular will include consolidated interim management accounts of Melite Finance and its subsidiary Melite Properties s.r.l. (“Melite Finance Group”) as at 30 June 2021, with a view to providing bondholders with updated financial information, position, and prospects of the Melite Finance Group. Melite Finance added that it will be using its best endeavours to ensure that the unaudited consolidated interim financial statements for the financial period ended 30 June 2021 will be finalised and published as soon as possible following conclusion of the bondholders’ meeting.

Meanwhile, during an Extraordinary General Meeting of Melite Finance plc that was held on 30 August 2021, the Board of Directors of the company requested its shareholder, namely Melite Retail Ltd (directly and indirectly), to consider whether it would be in a position to provide additional support to Melite Finance notwithstanding that the bondholders’ meeting has not yet been held. In response, Melite Finance was informed that, in the circumstances, Melite Retail Ltd is not in a position (either directly or indirectly) to uphold this request.

Following the delay in publication of the company’s interim financial statements, the Malta Financial Services Authority suspended the listing and trading of the €9.25 million 4.85% Melite Finance plc secured 2028 bonds as from 1 September 2021. This suspension is valid until 15th September 2021 or earlier, subject to Melite Finance publishing its interim financial statements.