Grand Harbour Marina announces allocation policy

Grand Harbour Marina received 2,262 applications for its €10 million Bond Issue for an aggregate total of €21.71 million, which is €9.71 million in excess of the maximum aggregate amount of €12 million since the issuer decided to exercise the over-allotment option issuing the maximum amount of an additional €2 million, the company said.

The had to be closed immediately after it was opened due to the demand.

The company said it reserved €5 million for the purpose of entering into placement agreements with financial intermediaries (the “placed portion”). It also reserved €1 million for subscription by preferred applicants, the ordinary shareholders of the company as at January 25 and holders of berth licences within the marina at that date.

Placement agreements submitted to the registrar on February 8, the pre-placement date, in respect of the placed portion reached €16.7 million. Applications by preferred applicants reached €1.06m. As a result all amounts received from financial intermediaries and from preferred applicants by the were scaled down proportionately to achieve the reserved portions of €5 million and €1 million respectively.

A further 1,874 applications for an aggregate €15.71 million were received by the close of the public offer on February 11. The company scaled down these applications on the following basis, rounded down in all applicable cases to the nearest hundred:

* Applications received for amounts up to and including €3,000, or 34.6% of all applications received during the Public Offer were allotted in full.

* Applications received for amounts between €3,100 and €10,000, which were 51.5% of all applications received during the Public Offer, were allotted as follows:

a) The first €3,000 for each applicant was allotted in full; and

b) A further 9.5% of the amount in excess of €3,000 was allotted to each applicant.

* Applications received for amounts between €10,100 and €50,000, which were 12.4% of all applications received during the Public Offer, were allotted as follows:

a) The first €3,000 for each applicant was allotted in full; and

b) A further 9.0% of the amount in excess of €3,000 was allotted to each applicant.

* Applications received for amounts between €50,100 and €100,000, which were 1.0% of all applications received during the Public Offer, were allotted as follows:

a) The first €3,000 for each applicant was allotted in full; and

b) A further 8.7% of the amount in excess of €3,000 was allotted to each applicant.

* Applications received for amounts of €100,100 and over, which were 0.5% of all applications received during the Public Offer, were allotted as follows:

a) The first €3,000 for each applicant was allotted in full; and

b) A further 8.18% of the amount in excess of €3,000 was allotted to each applicant.

Interest on the bonds will commence today. The dispatch of allotment advices and refunds of unallocated monies will be made by February 25. The Bonds are expected to be admitted to listing on the Malta Stock Exchange on February 26, and trading expected to commence on March 1.