Hili Ventures subsidiary Marsamxett Properties Ltd has initiated the squeeze-out process for the last remaining shares in Tigné Mall Plc.

This process will ensure that the remaining shareholders, accounting for approximately 5.13 per cent, sell their shares to Marsamxett Properties at a cash price of €1.04 per share.

The company has instructed Rizzo, Farrugia & Co (Stockbrokers) Ltd, in its capacity as Manager, Registrar, Collecting Agent and Paying Agent, to complete the transfer of all remaining shares and to process applicable payments no later than 16th December 2024.

Furthermore, the completion of this step will lead to an application for the de-listing of Tigné Mall’s shares from the Malta Stock Exchange.

In cases where the remaining shareholder(s) cannot be identified or if the necessary information for transferring the payment is not provided, Marsamxett Properties will hold onto the payment until the information is received. If no further information is provided, the payment will be deposited with the Maltese courts and can be withdrawn by shareholders under the court’s authority.

What led to the squeeze-out?

Marsamxett Properties Ltd began acquiring shares in Tigné Mall plc in 2023, amassing a total of just over 49.68 per cent of the share capital.

In September, it launched a conditional voluntary public offer for the remaining share capital of the mall.

The offer period closed in October, with the holders of 25,483,208 shares – just over 45.18 per cent of the total share capital – accepting to sell their holding. This includes the second largest institutional shareholder, Mapfre MSV Life plc which had a 35.56 per cent stake.

This brought Marsamxett Properties Ltd’s total holding up to just under 94.87 per cent, leading the company to exercise its right under the Capital Market Rules to squeeze out the remaining shareholders and apply to de-list the company.