Marsamxett Properties Ltd has successfully completed the squeeze-out process for the remaining shares in Tigné Mall plc.
This marks a pivotal moment in the company's strategy to consolidate ownership of the prominent shopping complex and move toward delisting from the Malta Stock Exchange.
On 12 December 2024, Rizzo, Farrugia & Co (Stockbrokers) Ltd, acting as Manager, Registrar, Collecting Agent, and Paying Agent, officially transferred 2,895,311 ordinary shares to Marsamxett Properties Ltd. These shares have now been recorded under Marsamxett Properties Ltd in the Company’s register at the Central Securities Depository of the Malta Stock Exchange.
With this transaction, Marsamxett Properties Ltd has become the registered owner of all ordinary shares in the capital of Tigné Mall plc, except for one share held by its parent company, Hili Ventures Limited.
Following the completion of the squeeze-out, Marsamxett Properties Ltd announced its intention to propose to the board of directors and the general meeting of Tigné Mall plc to formally apply to the Malta Financial Services Authority for the delisting of the company's shares from the Official List of the Malta Stock Exchange.
This move is in line with subsection 9.2 of the Offer Document and stems from the fact that the conditions for listing are no longer met.
What led to the squeeze-out?
The squeeze-out process began as part of Marsamxett Properties Ltd’s acquisition journey in 2023 when it accumulated over 49.68 per cent of the share capital of Tigné Mall plc. In September 2024, the company launched a conditional voluntary public offer for the remaining share capital.
During the offer period, which closed in October, shareholders holding 25,483,208 shares – accounting for 45.18 per cent of the total share capital – accepted the offer. Notably, this included Mapfre MSV Life plc, the second-largest institutional shareholder with a 35.56 per cent stake.
The acceptance of the public offer brought Marsamxett Properties Ltd’s total holding to nearly 94.87 per cent, enabling the company to exercise its right under the Capital Market Rules to acquire the remaining shares through a squeeze-out process.
