New Bond Issue – 5% BOV Unsecured Subordinated Bonds 2029 – 2034

Bank of Valletta has obtained regulatory approval from the MFSA for the listing of an unsecured Euro Medium Term Bond Programme of up to €250 million and for the issuance of the first tranche of Bonds. 

The first tranche of Bonds will be in the form of an issue of up to €100 million 5% unsecured subordinated Bonds maturing between 2029 and 2034. The Bond will be offered at par.

Applications will be accepted between and including 22^nd October 2024 and 19^th November 2024. The Bank reserves the right to close the offer of Bonds earlier with respect to any one or more classes of applicants (depending on the total level of subscription in the Bonds).

Preference will be granted to existing shareholders, existing bondholders and group employees of BOV, professional clients and eligible counterparties. 

Applications will be subject to a minimum subscription amount of €10,000 and in multiples of €100 thereafter.

Applications for Bonds by retail clients will be subject to a suitability test conducted by the authorised financial intermediary.

Timberland Invest Ltd is an Authorised Financial Intermediary to this bond issue and will be accepting applications for this offer.

BOV announces interim dividend of €35 million for first half of the year

On Thursday Bank of Valletta announced an interim dividend of €35 million for the first half of the year 2024, equivalent to a gross dividend of €53.8m. This amounts to a dividend of €0.0924 gross per share (€0.06 net of tax).

The dividend payout announced by the Bank follows the positive financial performance reported by the BOV Group during the first six months of 2024, for which the Group reported a profit before tax of €148.2 million, representing an increase of 40.9% over the same period in 2023.

The dividend is planned to be paid on 27th November 2024 to those members appearing on the Bank’s Register of Members.

Reacting to the announcement, BOV CEO Kenneth Farrugia notes that he is pleased that the decisions taken over the past few years, “coupled with a prudent forward-looking approach to maintaining a healthy Balance Sheet are delivering the expected results.”

Moreover, BOV Chairman Gordon Cordina shared that, as announced during its market briefing on the group’s financial performance, an in-depth analysis regarding the possible distribution of dividends was carried out, taking into consideration important risk and other regulatory criteria that focus on the strength and viability of the bank’s future business.

“The dividend we are proposing today is the result of our efforts to safeguard the best interests of our shareholders and wider stakeholders,” he shared.

Malta Company Announcements:

IZI Finance p.l.c

The Board of Directors of the Company is scheduled to meet on Tuesday 22 October 2024 to consider and if thought fit approve the annual financial statements of the Company for the financial period 1 July 2023 to 30 June 2024.

Malita Investments plc

On 9 October 2024, Malita Investments plc announced that it will hold an Extraordinary General Meeting on Thursday 28 November 2024 to approve a change in auditors for the year ending 31 December 2024 from PricewaterhouseCoopers to KPMG.

Such recommendation was made by the Audit Committee after having taken into consideration a number of important factors.

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