AX Real Estate plc - Basis of Acceptance

On 8 February 2022, AX Group plc announced the basis of acceptance in relation to the IPO and Bond Issue of its property subsidiary AX Real Estate plc (“AXRE”).

With regards to the Share Issue, AXRE received applications for 24,336,700 shares. All applications were allocated in full.

AXRE will convert a number of Ordinary ‘A’ Shares to Ordinary ‘B’ Shares so that 25% of the Ordinary ‘A’ Shares are held in public hands as per listing requirements. Following such conversion, the total issued share capital of AXRE will be split into 97,193,600 Ordinary ‘A’ Shares and 177,143,100 Ordinary ‘B’ Shares.

In relation to the Bond Issue, AXRE received applications for a total amount of €18.4 million. In addition, AX Group applied for €21.6 million in bonds in consideration for the partial repayment of the existing intragroup debt. All applications were met in full. Interest on the bonds started accruing as from 7 February 2022.

The Ordinary ‘A’ Shares and the Bonds are expected to be admitted to the Official List of the Malta Stock Exchange on 15 February 2022 and trading is expected to commence on 16 February 2022.