Mediterranean Investments Holding plc - Bond Issue Allocation Policy

On 28 June 2022, Mediterranean Investments Holding plc announced the allocation policy with respect to the recently issued €30 million 5.25% unsecured bonds maturing in 2027.

In total, MIH received 4,541 applications for a value of €55.2 million. Holders of the 5% MIH plc 2022 bonds who exercised their preference to exchange their maturing bonds into the new bonds amounted to just under €29 million, representing 72.5% of the total maturing bonds (€40 million). These amounts were allocated in full.

On the other hand, applications by bondholders whose holding in the maturing bonds was less than the minimum subscription amount of €5,000 and who opted to exercise their preference to exchange their maturing bonds into the new bonds, were allocated the first €2,000 (nominal) in the new bonds (including the maturing bond amount held) plus 6.66% of the additional top-up amount applied for rounded up to the nearest €100. MIH also noted that as the new bond was heavily over-subscribed, any additional applications made by holders of the maturing bonds and holders of the 5.5% MIH plc bonds 2023 were not satisfied.

Refunds of unallocated amounts will be made by 5 July 2022 whilst interest on the new bonds will commence on 6 July 2022. The new bonds are expected to be admitted to listing on the Malta Stock Exchange on 5 July 2022 and trading is expected to commence on 6 July 2022. Meanwhile, redemption of outstanding amounts in the maturing 5% MIH plc 2022 bonds together with payment of interest up to and including 5 July 2022 will be made on 6 July 2022.