Dolmen bonds allocation policy

Dolmen Properties plc yesterday announced the allocation policy for the six per cent 2010-2013 Secured Bond Issue, which closed last week.

Director Ray Sladden said that the company received over 2,600 applications for a total value of Lm10.06 million and as a result the subscription list closed within 90 minutes of opening on November 6.

The company has now exercised the over-subscription option and increased the issue to Lm4.7 million.

In accordance with the offering memorandum and with a view to ensuring the widest possible distribution of the bonds, the company is adopting a policy that scales down applications in this manner:

Applications for amounts up to Lm1,000 will be met in full.

Applications between Lm1,001 and Lm5,000 will be allotted Lm1,000.

Applications between Lm5,001 and Lm10,000 will be allotted Lm1,500.

Applications between Lm10,001 and Lm50,000 will be allotted Lm1,800 while applications between Lm50,001 and Lm300,000 will be allotted Lm2,500 and, finally, applications over Lm300,000 will be allotted Lm2,600.

Allocation letters and refund cheques are expected to be mailed to all applicants by early next week.