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Maltese Investment Services Company Launches IPO

Amanda Banks, Tax-news.com, London

02 February 2001

Malta-based Globe Financial Management plc is about to be listed on the Malta Stock Exchange as the first initial public share offering (IPO) this year. The company is offering 7.25 million shares and if the IPO is oversubscribed a further 2.275 million shares will be offered.

According to Andrew Hammond, Head of Compliance at Globe Organisation, the IPO has been 15 months in preparation. He told the Malta Business Weekly news service this week: 'This IPO is the first offering of the year and is a very important step for the Globe Organisation.'

Applications for the share offering will be available from 4 February with the offer opening for listing on 8 February. The offering will close on 15 February at 3pm or earlier if oversubscribed. Mr Hammond said: 'The basis of allocation of shares will be announced on 21 February. All those who apply for shares will be notified of the amount allocated to them on or before 28 February together with any refunds. The date when the shares will start being traded on the stock exchange will be decided by the Stock Exchange council.'

250,000 of the shares have been reserved for employees of Globe Management with another 2.5 million being offered to the company's clients. The rest of the shares will be available to the public. Mr Hammond explained: 'A lot of our staff and existing clients have already expressed an interest in buying shares. If, however, the number of applications is above that amount of shares allocated to them, they will join members of the public bidding for the remaining balance on offer.'

Mr Hammond emphasized that the company was not going down the IPO route in a bid to acquire more capital. He stated: 'If the share offer is oversubscribed, the founders – Chris Pace through his holding company, GFI and James Blake – will still have 60 per cent ownership of the company. It is very important that people realise the difference between a subscription and an offer. The company is already well capitalised and therefore does not need to raise further capital.'

A subsidiary of the Globe Organisation, Globe Financial Management is a Maltese company licensed to conduct investment services business by the Malta Financial Services Centre. The company provides access to equities, bonds, funds and other financial instruments on the international markets and is an exclusive distributor of Barclays International Funds in Malta.

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