“Application requesting the admission to listing of €50,000,000 5.75% Phoenicia Finance Company p.l.c Unsecured Bonds 2028-2033…”

The Board of Directors of Phoenicia Finance Company p.l.c announces that it has submitted an application to the Malta Financial Services Authority requesting the admissibility to listing of €50,000,0000 5.75% Unsecured Bonds 2028-2033 of a nominal value of €100 per bond issued at par, guaranteed by Phoenicia Malta Limited, both in terms of annual interest and capital repayment upon maturity.

The application has been made for the bonds to be listed and traded on the official list of the Malta Stock Exchange.

Authorised financial intermediaries entering into placement agreements with the company shall be eligible for a maximum total amount of €20 million.

Holders of the 25 million 4% unsecured bonds 2023-2028 may subscribe to the Bonds by surrendering their respective holding in the Existing Bonds and may also subscribe for additional Bonds in excess of the amount of their current holding in Existing Bonds.

The company also announced that the cut-off date for such eligibility was Thursday, 23^rd November 2023. Trading in existing bonds was suspended after the trading session on the 21^st November 2023 until further notice.

Should there be any bonds not subscribed to by holders of existing bonds the remaining amount will be made available to authorised financial intermediaries through an intermediaries’ offer.

Further information in connection with the proposed bond issue will be made through a company announcement once regulatory approval from the MFSA is granted.

MFSA engages with banking sector on crisis preparedness in case of bank failures

The Malta Financial Services Authority (MFSA) hosted a workshop on crisis preparedness in the banking industry. The workshop, which brought together key players from the banking sector, aimed to provide a comprehensive overview of the Resolution Framework, a crucial yet often overlooked aspect of banking operations.

This event marks a significant step in promoting transparency, collaboration, and preparedness in the banking industry, setting the stage for a resilient and robust financial future.

Christian Buttigieg, Head of Resolution at the MFSA, gave a glimpse of upcoming plans, outlining the Authority’s Resolution priorities for 2024. These priorities include further development of the resolution framework, resolvability assessments, testing through simulations, and the implementation of SRB and EBA guidelines. Efforts will also be made in terms of strengthening cooperation with European authorities and local stakeholders, as well as participating in discussions related to the Crisis Management and Deposit Insurance.

“Our resolution priorities are driven by the Authority’ s strategy, in line with the work plans of other European Authorities, especially the Single Resolution Board. We remain committed to transparency and collaboration throughout this process,” he said.

The agenda covered several other topics, including the role of the Resolution function within the MFSA, as well as insights into EU and Non-EU bank failures from Francisco Estrela Jimenez, Partner at EY Spain. Additionally, Chris Mifsud Bonnici, Senior Manager at PwC explored the development of a Bank Administrative Insolvency Framework.

Malta Company Announcements:

Fimbank p.l.c

FIMBank announces that Mrs. Claire Imam Thompson has resigned from her position as a Non-Executive Director of the Bank with effect from 10th November 2023 

Maltapost p.l.c

The Company hereby announces that it has convened an extraordinary general meeting to the shareholders of the Company, to be held on 14th December 2023 at 11.30am for the purpose of the Company’s shareholders considering, and if thought fit, passing the following resolutions:

• Authorisation granted to the Board of Directors of the Company to give effect to a rights issue and subsequent issuance and allotment of new ordinary shares

• Re-Designation and Increase of the Authorised Share Capital

• Re-Designation of the Issued Share Capital

• Amendments to the Company’s Memorandum and Articles of Association

3.75% GAP p.l.c Bonds 2023-2025

In terms of the prospectus dated 20 November 2020 relating to the issue of the above[1]mentioned Bonds, GAP Group p.l.c. (the “Issuer”) may redeem all or part of the Bonds on any date falling between 18 December 2023 and 17 December 2025 by giving not less than thirty (30) days’ notice.

In this respect, the Board of Directors of the Issuer has resolved to exercise the option to redeem 50% of the outstanding Bonds on 18 December 2023. As such, on this date, each Bondholder shall receive 50% of the principal amount so held on 18 November 2023 and settlement of accrued interest thereon for the period 18 December 2022 to 17 December 2023.

The Issuer further announces that trading in the Bonds was suspended on close of business on 17 November 2023, until further notice.

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