Daily Market Highlights (15.03.10)

  • MSE Share Index regains the 3,600-point level as BOV and MIA trade higher to offset the declines in GlobalCapital and Simonds Farsons Cisk. Meanwhile HSBC and MaltaPost close unchanged. Download a copy of today’s Equity Market Summary.
  • IHI recently announced a new bond issue of €25 million 10-year bonds at a coupon of 6.25% per annum. The proceeds are partly earmarked to fund the redemption of the €11.6 million 5% convertible bonds which mature on 29 May 2010 while the balance will be mainly used to fully repay an outstanding loan with an international bank. IHI will be giving preferential allocation to the holders of the 5% convertible bonds. IHI will also be giving preferential allotment to its shareholders and bondholders, together with bondholders of Corinthia Finance plc and Mediterranean Investments Holding plc. Applications open on 23 March. Further details available here.
  • Preplacement for Premier Capital plc bond issue to take place next Thursday 18 March. The development licensee of McDonald’s in Malta, Latvia, Lithuania and Estonia is offering €20 million worth of 10-year bonds (with a €5 million over-allotment option) at a coupon of 6.8% per annum in order to continue expanding in the Baltic States and Malta. Further details available here.
  • Following last week’s 1.8% drop, BOV’s share price recovers by 0.9% to regain the €3.28 level on volumes of almost 18,800 shares. Further bids remaining unsatisfied at the closing price with lowest offers now placed at the €3.29 level. Last Friday the Bank announced the allocation policy with respect to its recent bond issue. BOV stated that it received a total of €96,473,400 from 6,793 applicants and therefore it exercised its over-allotment option increasing the bond issue to €70,000,000. The Bank satisfied all applications from Preferred Applicants’ in full. Meanwhile, the following allocation policy was adopted with respect to applications at the general public offer stage: (i) Applications up to €10,000 weremet in full; (ii) Applications exceeding a value of €10,000 were allotted the first €10,000 in full and 23.77% of any balance. Further details available here.
  • Meanwhile HSBC‘s equity unchanged at the €3.30 level on just three trades amounting to 1,000 shares. Further bids in the market at the last trading price whilst lowest offers still placed at the €3.35 level.
  • MIA’s equity continues to climb on fresh demand following the positive financial results published late last week. Following last Friday’s 1.6% rise, MIA’s share price advanced a further 3.5% higher during this morning’s session to close at a fresh 22-month high of €3.26. Just over 11,000 shares trade today with best bids already placed higher at the €3.33 level. The airport operator’s 2009 financial statements showed a 3.3% increase in pre-tax profits to €14.1 million (the highest level in the last 3 years) despite a 6% decline in passenger numbers in 2009. The Directors recommended a final gross dividend of €0.08769 per share (net: €0.057) to shareholders as at close of trading on Monday 29 March 2010. The Board is also proposing the redenomination of the nominal value of the ordinary shares of the Company from €0.465874 per share to €0.50 per share and a subsequent 2-for-1 share split to all shareholders as at close of trading on 27 May 2010. Further details available here.
  • Simonds Farsons Cisk slips 1.2% lower to close at the €1.68 level on very low volumes of 1,300 shares. Best bids now placed at €1.60 whilst further offers remain unsatisfied at the closing price. Following today’s downturn, the equity is now trading at a 39.6% discount to its July 2009 net asset value of €2.78 per share.
  • GlobalCapital plc also slumps 10.3% lower to close a the €1.70 level as the trade ranges are removed. 1,320 shares exchanged today with further bids in the market at the closing price and lowest offers now at the €1.80 level. The Group is scheduled to publish its 2009 financial results next Thursday 18 March.
  • MaltaPost maintains the €0.79 level on volumes of 22,430 shares. Best bids now placed at €0.786 whilst lowest offers pitched at the €0.79 level.

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