On 10 November 2021, VBL plc announced that it entered into a supplementary agreement with Pace Brothers plc (the owner of the ‘Coliseum Building’ located in Zachary Street, Valletta) whereby the original preliminary agreement for the acquisition by VBL of the ‘Coliseum Building’ has now been extended until 10 November 2022. In addition, the payment terms have been amended as follows:
- €0.65 million paid on the execution of the supplementary agreement.
- €2.85 million to be paid on the final Deed of Sale.
- €1 million to be paid in kind through the issue of new shares at €0.28 per share upon execution of the final Deed of Sale.
- €2 million to be paid interest-free by not later than 10 November 2023.
Despite the delay in the acquisition of the ‘Coliseum Building’, VBL explained that it will still be able to apply for any necessary permits with the Planning Authority for redeveloping the property. VBL also noted that the changes to the agreement with Pace Brothers plc are not expected to give rise to any material departures from its mid-term plans and projections as previously provided in the IPO Prospectus.