RNS Number : 3732H
Camper & Nicholsons Marina Inv Ltd
19 February 2010
Camper & Nicholsons Marina Investments Ltd ("CNMI") Maltese subsidiary Grand Harbour Marina PLC announces basis of Bond allocation.
CNMI is pleased to advise that Grand Harbour Marina plc, in which CNMI owns 79% of the equity, has made the following Company Announcement:
"Company Announcement:
The Company is pleased to announce the basis of acceptance for the issue of EUR10 million 7.0% Bonds 2017 - 2020 (the "Bond Issue") which opened for public subscription (the "Public Offer") on Thursday 11 February 2010. As was previously announced the Public Offer closed immediately after opening due to strong demand from the investing public. The Issuer decided to exercise the over-allotment option by issuing the maximum amount of an additional EUR2 million, hence reaching the maximum aggregate amount of the Issue of EUR12 million. In this regard, reference is made to the Prospectus dated 25 January 2010 and to the Terms and Conditions stipulated in the Prospectus.
The Company received 2,262 applications for the Bond Issue for an aggregate total of EUR21.71 million, which is EUR9.71 million in excess of the maximum aggregate amount of EUR12 million.
The Company reserved an amount of EUR5 million for the purpose of entering into Placement Agreements with Financial Intermediaries (the 'Placed Portion'). The Company also reserved a further amount of EUR1 million for subscription by Preferred Applicants, being ordinary shareholders of the Company as at 25 January 2010 and holders of berth licences within the Marina at that date (the 'Preferred Portion').
Placement Agreements submitted to the Registrar on the Pre-placement Date, the 8 February 2010, in respect of the Placed Portion reached EUR16.7 million, in excess of the amount reserved by the Issuer. Applications by Preferred Applicants received on the same date reached EUR1.06m and were likewise in excess of the amount reserved by the Issuer for the Preferred Portion. As a result all amounts received from Financial Intermediaries and from Preferred Applicants by the close of the Pre-placement Period were scaled down proportionately to achieve the reserved portions of EUR5 million and EUR1 million respectively.
In addition to applications received up to the close of the Pre-placement period, a further 1,874 applications for an aggregate EUR15.71 million were received by the close of the Public Offer on 11 February 2010. The Company scaled down these applications on the following basis, rounded down in all applicable cases to the nearest hundred:
1. Applications received for amounts up to and including EUR3,000, or 34.6% of all applications received during the Public Offer were allotted in full.
2. Applications received for amounts between EUR3,100 and EUR10,000, which were 51.5% of all applications received during the Public Offer, were allotted as follows:
a) The first EUR3,000 for each applicant was allotted in full; and
b) A further 9.5% of the amount in excess of EUR3,000 was allotted to each applicant.
3. Applications received for amounts between EUR10,100 and EUR50,000, which were 12.4% of all applications received during the Public Offer, were allotted as follows:
a) The first EUR3,000 for each applicant was allotted in full; and
b) A further 9.0% of the amount in excess of EUR3,000 was allotted to each applicant.
4. Applications received for amounts between EUR50,100 and EUR100,000, which were 1.0% of all applications received during the Public Offer, were allotted as follows:
a) The first EUR3,000 for each applicant was allotted in full; and
b) A further 8.7% of the amount in excess of EUR3,000 was allotted to each applicant.
5. Applications received for amounts of EUR100,100 and over, which were 0.5% of all applications received during the Public Offer, were allotted as follows:
a) The first EUR3,000 for each applicant was allotted in full; and
b) A further 8.18% of the amount in excess of EUR3,000 was allotted to each applicant.
Interest on the Bonds will commence on 18 February 2010. The dispatch of allotment advices and refunds of unallocated monies will be made by Thursday 25 February 2010. The Bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on Friday 26 February 2010, and trading expected to commence on the following business day, Monday 1 March 2010."
For further information contact:
Camper & Nicholsons Marina Investments Limited
Tel: +44 (0) 208 334 4787
Collins Stewart Europe Limited
Bruce Garrow / Adam Miller
Tel: +44 (0) 207 523 8350
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCTPMRTMBMBBLM
