Earlier on today, Bank of Valletta announced the Allotment Policy to be applied to the applications received in respect of its 4.8% Subordinated Bonds 2020. The Bond Issue opened on Monday, 8th March 2010 with the subscription lists closing shortly after opening due to overwhelming demand.
The Bond Issue consisted of an offer of €50,000,000, with an over-allotment option of €20,000,000. Since the total amount of applications received exceeded the Issue amount, the Bank exercised the over-allotment option in full, thereby increasing the Issue to €70,000,000.
In total, the Bank received 6,793 applications for a total of €96,473,400.
In accordance with the terms of the Issue, the 1,712 applications received from bondholders of the 6.15% Subordinated Bonds 2010 will be treated with preference and will be allocated in full. Of the other 5,081 applications received, those up to €10,000 shall receive a 100% allocation while applications in excess of €10,000 shall receive an allocation of circa 24% of the amount over and above the €10,000 mark. Pursuant to this Allocation Policy, circa 74% of Applicants participating in the Public Offer shall receive a full allotment.
Interest on the Bonds will commence accruing as from Monday, 15th March 2010. Allotment letters will be mailed and refunds of unallocated monies will be effected by not later than Monday, 22nd March 2010.
The Bank thanks the investing public, institutional investors, financial intermediaries and the banks for their strong and widespread support for this Issue.
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