On 11 November 2021, Melite Finance plc announced that it has been informed by Alf. Mizzi & Sons Ltd, which has a 40.3% shareholding in Melite Retail Limited – the parent company of Melite Finance plc, that it will be making a further ex gratia contribution of around €0.66 million towards Melite Finance plc by subscribing to preference shares that Melite Finance plc will be issuing in favour of Alf. Mizzi & Sons Ltd. The preference shares will rank after the existing Bonds and will not carry any fixed coupon.
In this regard, Alf. Mizzi & Sons Ltd. noted that this additional contribution is not being done because of any legal obligation, and that it will be the last capital contribution or support Alf. Mizzi & Sons Ltd will be making to Melite Finance plc (directly or indirectly) and must in no way be construed as creating any precedent or expectation of further contributions in future.
In view of these latest developments, Melite Finance plc explained that during the Bondholders’ Meeting, it will propose an adjournment of the meeting with a view of allowing sufficient time to the company to re-evaluate the terms of its proposed restructuring plan. Nonetheless, the interest due on the Bonds in 2021 will still be paid on or around the interest payment date falling on 23 November 2021. Further announcements will be made in due course on the remaining terms of the restructuring plan.