AX Group has announced that the Initial Public Offering and bond issue of its AX Real Estate subsidiary will benefit from an extended offer period due to the difficulties investors may face in consulting with their financial intermediaries.

In a statement posted to the Malta Stock Exchange, the company said that the offer period, previously slated for between 10th January and 21st January, will be extended to last until 31st January.

“Cognizant of the difficulties investors may encounter in consulting with their preferred Authorised Financial Intermediaries owing to the renewed imposition of mandatory public health measures to contain the recent surge of COVID-19 cases, the Board of Directors of AXRE has elected to extend the offer period during which the Offer Shares and the Bonds will be available for subscription,” the company said.

AX Real Estate reserves the right to close the offer period before 31st January.

In relation to the extension, the intragroup debt agreement between AX Investments plc and Simblija Developments Limited has been amended to provide that the interest payable on the outstanding balance will be deferred until 28th February 2032 (as opposed to 31st January 2032).

The intragroup debt agreement between AX Group plc and AX Real Estate has also been amended to provide that the interest payable on the outstanding balance will be deferred until 28th February 2032 (as opposed to 31st January 2032).

AX Real Estate has been granted approval for the admissibility to the Official List of the MSE of both shares and bonds.

The shares offered are a class of shares of a nominal value of €0.125 per share, 33,333,333 ordinary ‘A’ shares of which will be offered for sale to the public at an offer price of €0.60 per share, subject to an over-allotment option which, if exercised, would increase the offer to up to an aggregate of 50,000,000 ordinary ‘A’ shares.

The bonds amount to €40,000,000 in 3.5 per cent unsecured bonds of a nominal value of €100 per bond to be issued at par, redeemable in 2032.

AX Real Estate also took the opportunity to clarify that the payment of interest on the bonds will be made to the person in whose name the bonds are registered as at close of business 15 days prior to the Interest Payment Date by means of a direct credit transfer into such bank account, which is denominated in Euro and held with any licensed bank in Malta, as the bondholder may designate from time to time.

Such payment shall be effected within seven days of such Interest Payment Date.