Subscriptions for the 6.75% €10 million bond issued by United Finance p.l.c., a member of the United Group, closed as scheduled on Thursday. The Bond Issue has been fully subscribed and the Company will be exercising the over-allotment option of €2 million bringing the total bond issue to €12 million. In accordance with the prospectus issued on the 27th June, preference will be given to holders of United Finance 2008 Bond, which opted to surrender the maturing Bonds as consideration for an equivalent number of the new Bonds. The basis of acceptance of applications for new applicants together with the allocation policy to be adopted will be announced shortly.
Edmund Gatt Baldacchino, Director and Chief Executive Officer of United Group and United Finance, said “United Finance’s Board of Directors would like to thank the public for supporting another Bond Issue by the United Group. A special thanks also goes to the holders of the maturing bond who have chosen to reinvest their holdings with the Company. This is a strong expression of regard, confidence and trust in the United Group. The new bond issue will help us ensure that the Group remains a leading player in the automotive industry and reaches higher levels through our new business initiatives in the retail and property development investments.”
The Bond Issue was Underwritten by HSBC Bank Malta p.l.c. The bank is also acting as Manager and Registrar. The sponsoring Stockbroker is Charts Investment Management Service Ltd. Camilleri Preziosi are legal advisers, and KPMG are the auditors of the issuer.
The new bonds, issued at €100 per bond and bearing an interest rate of 6.75 per cent payable annually on June 30, will be admitted to the primary market of the Malta Stock Exchange. An application for admittance has been made with the Malta Stock Exchange and it is expected that trading in the bond will commence shortly. The €12 million bond issue will be redeemed on any date between 30 June 2014 and 30 June 2016.
More information may be obtained from United Finance plc, United House, 66 Gzira Road, Gzira