On 9 November 2023, Lombard Bank Malta plc announced the result of the Excess Shares Offer relating to the residual balance of 12,430,744 shares following the Rights Issue.
Lombard received applications for an aggregate amount of 17,238,100 shares and the offer period was closed ahead of schedule on 3 November 2023 due to the oversubscription.
Preferred applicants (employees and Directors of Lombard as well as shareholders of MaltaPost plc) applied for 570,800 shares and these were allocated in full.
Meanwhile, applications from the general public amounted to 16,667,300 shares. In this respect, all applications up to 5,000,000 shares were allocated in full, while any applications of over 5 million shares will be scaled down and satisfied up to 61.3% of the number of excess shares applied.
Lombard explained that refunds of unallocated monies will be completed by 16 November 2023 and the new ordinary shares including the excess shares will be listed on the Official List of the Malta Stock Exchange on the same day. Trading is expected to commence on 17 November 2023.
Lombard noted that the total gross proceeds of the Rights Issue and Excess Shares Offer amount to €46.4 million.