GAP Developments has announced that it is offering the public Lm15,000,000 or e35,000,000 7% Secured Bonds of a nominal value of Lm100 and e100 respectively per bond at par, maturing in 2013 (but can be redeemed in whole or in part at the option of the company in 2011 and 2012).

For more information one should refer to the prospectus dated 21 March, copies of which, together with application forms, are available during office hours from all bank branches and authorised intermediaries.

Applications for the bonds are for a minimum of Lm1,000 and in multiples of Lm100 thereafter in the case of the Malta liri bonds, and for a minimum of e2,500 and in multiples of e100 thereafter, in the case of euro bonds.

Subscriptions open on Monday 16 April and close on Friday 20 April. However, the bond issue may close earlier at the discretion of the issuer, if fully subscribed. Application has been made for the bonds to be listed on the Alternative Companies List of the Malta Stock Exchange.

The bond issue is underwritten by Charts Investment Management Service Limited and sub-underwritten by Collins Stewart Limited. The manager and registrar is HSBC Bank Malta, while the joint sponsoring stockbrokers are Charts Investment Management Service Limited and Curmi & Partners Limited.

The proceeds of the bond issue will be utilised to part-finance the Fort Cambridge Area development (formerly occupied by the Holiday Inn Crowne Plaza Hotel) in Tigne, Sliema. The proposed residential development envisages three blocks of up to 23 floors consisting of approximately 340 luxury apartments.

The average gross floor areas of the apartments will range between 80 sq.m for a one-bedroomed unit to 195 sq.m for a 3/4 bedroom unit. The development will also include the construction of four-levels of car parking spaces at basement level.