Halmann Vella Group on Tuesday announced that it will be suspending trading of its maturing bonds as it awaits regulatory approval from the Malta Financial Services Authority (MFSA) for a new bond issue.
Halmann Vella Group is a business that primarily operates as a manufacturer of stone, marble and granite, as well as terrazzo and pre-cast elements. It also owns and leases a number of commercial properties, while also being involved in property development and resale.
Last month, the group announced a new €23 million secured bond issue which will be listed and traded on the official list of the Malta Stock Exchange.
This followed an announcement in the group’s financial statements for 2023 that stated that the €30 million five per cent secured bonds, issued back in 2014, are due to be redeemed on 6th November 2024. These bonds are set to be refinanced through a combination of bank financing and recourse to the capital markets, one means being the new secured bond issue.
Halmann Vella Group had stated that once approved, the bonds shall be made available for subscription by holders of the maturing bonds through an exchange offer, pursuant to which holders of the maturing bonds will have the option to surrender the bonds held by them at a pre-determined record date in favour for the company for cancellation.
In exchange, bondholders will receive the equivalent number in the form of new secured bonds.
In its latest update, the group confirmed that the aforementioned record date for eligibility will be 25th June 2024, or the trading session of 21st June 2024.
Hence, trading on the Malta Stock Exchange for the maturing bonds shall be suspended on close of business on 21st June 2024, “until further notice,” Halmann Vella Group stated.
The group affirmed that full details on the new secured bonds shall be provided in a prospectus that will be made available once the MFSA grants the necessary approvals.
