Hal Mann Vella Group plc - Basis of Acceptance

On 26 July 2024, Hal Mann Vella Group plc announced the basis of acceptance in relation to the offer of €23 million 5.35% secured bonds redeemable in 2034, with the possibility of early redemption as from 2031.

The company explained that it received 2,464 applications from existing bondholders participating in the exchange offer for a total value of €24.9 million (representing 83.1% of the outstanding maturing bonds). As a result of the over-subscription, the intermediaries’ offer did not take place.

Hal Mann Vella Group will be allocating the first €35,000 in full and 67.666% on the remaining amount rounded to the nearest €100.

The new bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on Friday 2 August 2024 and trading is expected to commence on Monday 5 August 2024.

Interest on the new bonds will start to accrue as from 26 July 2024 and will be payable annually in arrears on 26 July, with the first interest payment (covering the period from 26 July 2024 up to and including 25 July 2025) payable on 26 July 2025.

Within 30 calendar days from the admittance of the bonds to listing, the existing bondholders that surrendered their respective holdings through the exchange offer will receive the 5% interest of the maturing bond covering the period between and including 7 November 2023 and 25 July 2024.

The company also announced that trading on the 5.0% Hal Mann Vella Group plc secured bonds 2024, including the unallocated portion from the allocation policy, will resume as from Friday 2 August 2024.