AX Group plc - Bond Issue Allocation Policy

On 26 October 2023, AX Group plc announced the basis of acceptance and allocation policy in relation to the offer of €40 million 5.85% unsecured bonds redeemable in 2033.

In total, AX Group received 3,411 applications for a total value of €43.7 million. As a result of the over-subscription, the offer was closed ahead of schedule. Holders of the €40 million 6.0% AX Investments plc 2023 bonds who exercised their preference to exchange their maturing bonds into the new bonds amounting to €28.4 million (representing 71% of the total maturing bonds) were allotted in full.

The remaining balance was allocated without priority between existing bondholders applying in excess of their holding in Exchangeable Bonds and other preferred applicants (employees of the AX Group and holders of other AX securities). Preferred applicants were allocated 75.6% of the amount applied.

Refunds of unallocated amounts will be made by 2 November 2023 whilst interest on the new bonds will commence accruing on 7 November 2023. The new bonds are expected to be admitted to listing on the Malta Stock Exchange on 7 November 2023 and trading is expected to commence on 8 November 2023. Meanwhile, by 26 November, payment of the remaining interest of the 6.0% AX Investments plc 2023 as well as the excess interest of the exchangeable bond for the period from 7 November 2023 up to 5 March 2024 will be made.