Malita Investments plc - Details of Rights Issue
On 17 February 2024, Malita Investments plc published a Prospectus following regulatory approval in connection with a 4-for-9 rights issue. The salient details of the Rights Issue are as follows:
Amount Offered:
Up to 65,825,806 new ordinary shares
Offer Ratio:
4 new shares for every 9 shares held.
Rights Issue Offer Price:
€0.50 per new ordinary share
Use of Proceeds:
The net proceeds from the Rights Issue, estimated at €32.5 million, are principally earmarked to part-finance the required capital expenditure for the ongoing Affordable Housing Project. The project comprises 752 residential apartments, 698 car spaces and lock-up garages and 4 small commercial outlets. These are spread across 15 sites of which 7 are completed and another 8 are expected to be completed between 2024 and 2026.
Risk Factors:
Malita Investments plc is subject to a number of risks pertaining to the nature of its businesses. Prospective investors are urged to read the risk factors found in the rights issue Prospectus dated 14 February 2024.
Allocation Policy:
Malita will allocate the new ordinary shares according to the following policy:
- An amount of up to 65,825,806 new ordinary shares will be first offered to all shareholders as at close of trading on 16 February 2024 in proportion of their rights, including any assigned entitlements.
- An amount of up to 20,846,827 excess shares will be allocated to institutional investors pursuant to Placement Agreements. 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.
- Any additional excess shares will be offered to: (i) Existing Shareholders who have accepted their Proportionate Entitlement in full and applied for Excess Shares during the Offer Period; and (ii) Applicants applying for Excess Shares through Authorised Financial Intermediaries during the Offer Period, in proportions at its discretion.
Rights Issue Period (including applications for Excess Shares):
Wednesday 28 February 2024 – Friday 15 March 2024
Listing:
Official List of the Malta Stock Exchange
Expected Date of Admission to Listing:
1 April 2024
Download:
Rights Issue Prospectus dated 14 February 2024
Disclaimer:
Prospective investors are urged to base any investment decision on all the information contained in the Prospectus. The value of investments may increase as well as decrease and past performance is not an indication of future performance. Prospective investors should consult an independent financial adviser for personal advice prior to participating in the Rights Issue.
This webpage has been prepared based on the Prospectus dated 14 February 2024 issued by Malita Investments plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is not intended to be and should not be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.
This advertisement has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited, a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta, and having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.