Bonds allotment policy announced

The board of directors of Mariner Finance plc yesterday announced its allotment policy for the €9 million bond issue, which was oversubscribed within hours of its launch on July 1.

The bonds were issued by Mariner Finance plc, a subsidiary of Mariner SPA, whose assets stand as guarantee.

Mariner SPA owns a 50 per cent shareholding of the largest terminal of the port of Venice and wholly owns the Baltic Container company (BCT) in Riga, Latvia.

Mariner Finance issued the €9 million bonds and retained the option to increase the total to €13 million if, during the offering period, more applications were received. The closing date was meant to be July 4, but applications were closed on the first day as the issue was taken up soon after it was launched.

Mariner Finance said the total value of bonds subscribed was substantially in excess of €13.7 million.

To ensure the widest possible distribution of the bonds, Mariner adopted an allotment policy in which applications for bonds up to and including €10,000 would be accepted in full.

Each application in excess of €10,000 will be allotted €10,000 and 30 per cent of the remaining balance.