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Following the formal approval by the Listing Authority and subsequent registration of the related Prospectus, Simonds Farsons Cisk plc formally announced today the issuing of 6% unsecured bonds for an aggregate amount of €15 million. 

The bonds have a nominal value of Euro 100 each and will be issued at par. The minimum amount of subscription is of €1,100, in integral multiples of €100.  They will be redeemed on 15th June 2020 or earlier, at the Company’s discretion, at any date after 15th June 2017.

Simonds Farsons Cisk also applied to the Listing Authority for the Bonds to be admitted to the Official List and to the Malta Stock Exchange. Trading of these bonds is expected to start fairly soon.

Louis A Farrugia, Group Chief Executive of Simonds Farsons Cisk plc, said: “The proceeds from this bond issue shall be used to finance a bond exchange programme for the Farsons’ 6.6% Bonds 2010-2012 that are due for redemption in November 2010, and also for the general financing requirements of the Farsons Group, as it takes the next steps in its strategic development programme.

“This includes the construction of the new Brewhouse, as announced earlier this year. In itself, this is a significant project because the new Brewhouse will be an efficient, fully automated and versatile brewing plant, leading to improved product consistency, reduced production costs, and sufficient capacity for the foreseeable future. It also incorporates energy saving lighting and systems, a new quality control laboratory, offices and a water treatment building and plant,” said Mr Farrugia.

On completion of the new Brewhouse in 2012, the original Brewery building will be freed up. The Group is already assessing how it could make the best possible use of the released property along Mdina Road.

Farsons are also much encouraged by the fact that, in the context of a difficult economic environment, an improved financial performance was achieved. The Group has just announced a notable improvement in its results for the financial year ended 31 January 2010, with profit before tax improving by €2.4 million.

Despite on-going challenges, the Farsons Group faces the future with determination and confidence, and, it is in this spirit that it has recently launched a new and more contemporary corporate identity. The new identity draws on elements that have long been associated with the Group’s solid reputation and reliable past, whilst at the same time bringing the Farsons Group in line with contemporary business image standards as it looks ahead.

In terms of allocation policy, as laid out in the Prospectus that is being published today, the Board of Directors has decided that the offer is to be made both to Preferred Applicants, namely current Company bondholders, shareholders and Group employees – and to the general public.

The offer consists of two tranches. The first tranche is for Preferred Applicants during the Preferred Applicants Period commencing on May 20, 2010 up to and includ­ing May 28, 2010. The second tranche is for the public during the Public Offer Period commencing on June 1, 2010, up to and including June 8, 2010. The Public Offer Period is subject to right of the Issuer to close subscription lists earlier in the case of over-subscription.

All applications may be submitted through any of the authorised intermediaries.

“The Company is looking forward to a positive reaction and support from the investing public. Indeed, Farsons has a long history of public support and this gives us great encouragement going forward,” concluded Mr Farrugia.