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Last week’s Lm15-million bond issue by GAP Developments p.l.c. was over-subscribed, bringing in more than Lm16.3 million. The company has now announced the policy it will use to decide on the allocation of bonds to members of the general public who have applied for them.
Applications for Maltese-lira bonds with a nominal value of up to and including Lm4,000 will be met in full, as will applications for Euro-bonds with a nominal value of up to and including EUR10,000.
Applications for Maltese-lira bonds with a nominal value of more than Lm4,000 will be allocated as follows: the first Lm4,000 will be met in full, together with 37.15 per cent of the remainder.
Applications for Euro-bonds with a nominal value of more than EUR10,000 will be allocated as follows: the first EUR10,000 will be met in full, together with 37.15 per cent of the remainder.
All amounts allocated will be rounded down to the nearest Lm100/EUR100.
An official letter giving details of the bonds allocated will be posted to all applicants this Friday (27 April). Payment for bonds not allocated will be refunded Monday next week (30 April) by direct credit to the bank account number given on the application form. Interest on the bonds will be reckoned as from Monday, 23 April 2007).
The board of directors of GAP Developments p.l.c. thank those who supported this bond issue and who helped make it a success. The proceeds will be used to part-finance the development of Fort Cambridge in Sliema. |
