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Shoreline Mall plc – Secured Bonds

Shoreline Mall p.l.c.

€14,000,000 4% Secured Bonds 2026

€26,000,000 4.5% Secured Bonds 2032 (the ‘Bonds’)

Shoreline Mall plc has announced the issue of €14,000,000 4% Secured Bonds 2026 and €26,000,000 4.5% Secured Bonds 2032, both having a nominal value of €100 per bond issued at par.

The Shoreline Mall plc is a Maltese registered company situated in Ricasoli, Kalkara, its principal activity is the acquisition and disposal and/or development and operation of the various immovable properties within and constituting the Shoreline Mall Complex to be situated at the Shoreline Mall Site at Smart City, currently the largest project being developed in Malta.

 

Purpose of the Issue and use of Proceeds

The entirety of the issue proceeds will be used for the development of the Shoreline Mall Complex. The proposed development will comprise a commercial component consisting of a shopping mall with a total gross area of 25,000 sqm spread over two floors, of which 14,000 sqm consists of various rental retail spaces. The Shoreline project will also comprise the development of 7 foreshore luxury residential units which shall be retained for sale purposes.

The net proceeds from the Bond Issue will be utilised for the development of the project.

  • €20,490,000 for direct civil and construction costs of the project,
  • €14,010,000 for direct finishing costs; and
  • €4,700,000 for other costs related to the project such as excavation works and professional fees.

 

Ranking of the Bonds & Security Interest

The Bonds will constitute the general, direct, and unconditional obligations of the Issuer and shall, at all times rank pari passu, without any priority of preference among themselves. The Bonds shall rank with priority or preference to all other present and future unsecured obligations of the Issuer, save for such exceptions as may be provided by applicable law, by virtue and extent of the special hypothec.

The bonds shall be secured, upon completion, by a special hypothec over the Shoreline Mall Complex which shall be registered in favour of the Security Trustees, in terms of the Security Trust deed.

 

Listing

Application will be made to the MSE for the Bonds to be admitted to listing and trading on the MSE

 

Minimum Investment and Interest Payments

The minimum investment is of €2,000 in the aggregate in any combination of the two bonds. Interest is paid annually

 

Timetable

  • Application Forms available to the general public – 1 July
  • Offer Period (may be closed earlier as determined by the Issuer) – 6 July 2020 – 31 July 2020
  • Commencement of interest on Bonds – 1 August 2020
  • Announcement of basis of acceptance – 3 August 2020​
  • Refunds of unallocated monies – 3 August 2020​
  • Dispatch of allotment letters – 3 August 2020​
  • Listing of Bonds on the MSE – 6 August 2020​
  • Commencement of trading on MSE – 7 August 2020

 

Application Procedure

Applications open on 6th July, for more information you can call us on 21332200 to set up a meeting with one of our Financial Advisors. Alternatively, you can also send us an email on info@zenithgroup.mt. The Company is using the Prospectus in accordance with the consent and the conditions attached thereto.

Click to View Prospectus

This document has been prepared by Zenith Finance Limited. Zenith Finance Limited is licensed to conduct investment services business by the Malta Financial Services Authority under Section 6 of the Investment Services Act, 1994 of the Laws of Malta. This information is based on the prospectus dated 18th June 2020. This document does not constitute an offer to sell or a solicitation of an offer to buy the Bonds, whether to the public or otherwise. The value of the investments can go up or down and past performance is not necessarily indicative of future performance. These Bonds may not be suitable for all recipients of this document and prospective investors should carefully consider all the information contained in the Prospectus as a whole and should consult their own financial advisor. The Prospectus is also available at our offices in Msida. These Bonds are to be distribute to Retail Clients on an advisory basis only.

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