Dolmen Properties has announced it is redeeming half of its six per cent secured bonds 2010-2013 on its first optional redemption date on November 20.

The company’s latest half-yearly accounts published on August 31 showed a healthy position with enough cash accumulated from ongoing profits during the years to meet its sinking fund obligations and subsequently enabling it to make a 50 per cent pre-payment on the outstanding bonds.

Bondholders appearing on the register as at November 5 (up to and including trading activity November 2) will be receiving 50 per cent of their principal amount together with the yearly interest payable on November 20.

Trading will be suspended between November 3 and 5, both days included, and will recommence on November 8.

The Bonds will be redeemed at their redemption value of €233 per Bond.

Dolmen Properties p.l.c. had issued a total of €10,949,470 (Lm4,700,000) in October 2003 to finance the upgrading and expansion of the hotel and to refinance the long-term bank loan and other loans taken out primarily to fund capital projects at the Dolmen Hotel.

Chairman George Fenech said that “This redemption is a first for the market and confirms the strength of the company. This year’s performance is also underpinned by the general recovery witnessed in the tourism industry. The hotel’s location and its strong operational base go to support the company’s financial performance.”