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Bank of Valletta €150M rights issue oversubscribed

Maltese lender Bank of Valletta Plc's rights issue for 105 million new ordinary shares was oversubscribed, the bank said Dec. 7.

The shares were offered at €1.43 apiece, equivalent to total proceeds of €150.2 million. Orders from existing shareholders and/or their assignees amounted to over €197 million.

Shareholders and/or assignees applying for all or part of their proportional entitlement will receive all the shares they subscribed for, while those applying for shares in excess of their proportional allocation will receive a prorated amount under an allocation policy to be announced by Dec. 19.

No shares will be allocated either to employees or the general public who applied for subscriptions to lapsed rights.