Malita Investments plc - Approval of Rights Issue

On 14 February 2024, Malita Investments plc announced that it obtained approval for its Application for Authorisation for Admissibility to Listing to the Malta Financial Services Authority in relation to the rights issue of up to 65,825,806 new ordinary shares. Assuming the take up in full of all new ordinary shares, the number of issued shares will increase by 44.4% to 213,933,870.

Malita shareholders as at close of trading on Friday 16 February 2024 will be eligible to subscribe for four new ordinary shares for every nine ordinary shares held (4-for-9 rights issue), which shall form part of the same class and have equal rights to existing shares. Eligible shareholders will be also entitled to assign all or part of their rights during the offer period.

The announcement also noted that the rights issue price was set at €0.50 per new ordinary share.

Any proportion of shares which are not subscribed to by eligible shareholders shall constitute lapsed rights, and the balance of new ordinary shares corresponding to the lapsed rights shall constitute excess shares. An amount of 20,846,827 excess shares will be made available to institutional investors pursuant to placement agreements with the company. Any remaining excess shares will be then allocated to eligible shareholders who accepted their proportionate entitlement in full and applied for excess shares, and to the general public.

In anticipation of the proposed Rights Issue, the majority shareholder of the company, the Government of Malta, provided an irrevocable undertaking to subscribe to its Proportionate Entitlement in full. However, the Government will be renouncing a portion of its proportionate entitlement to be made available to other investors, provided that the Government of Malta will retain at least 70% of the issued share capital of the company following the rights issue.

Malita stated that further detailed information on the rights issue will be available in the prospectus which will be published in the coming days.