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IHI shares soar as shareholders are invited to sell back bonus shares to company
The financial market reacted very positively to the announcement by International Hotel Investments that shareholders will be given the facility to sell back their bonus shares to IHI at the nominal value of €1 per share representing a 14.9 percent premium of today’s closing price. IHI is now set to issue a 4 percent bonus issue.
23 July 2010, 12:00am
Karl Stagno-Navarra
Karl Stagno-Navarra
1 min read
The new shares will only be allotted to public investors as the three institutional shareholders (namely Corinthia Palace Hotel Company Ltd, LFICO and Istithmar) have waived their rights to the issue.
The announcement was made this morning by IHI chairman Alfred Pisani during the company's 10th annual general meeting.
Alfred Pisani also stressed on the company’s intention to obtain a secondary listing for IHI on the London Stock Exchange. Shareholders approved a resolution authorising the directors to issue up to 200 million new shares at a price not lower than the nominal value of €1 per share.
Thi IHI Chairman explained that works on the London property were now in their final stages and the hotel was expected to open to the public early next year.
The sharp upturn in IHI shares (the third largest equity by market cap listed on the Malta Stock Exchange) lifted the MSE Share Index above the 3,500 level for the first time since May 27.
