GAP Developments plc has announced that it is offering to the public Lm15,000,000 or euro 35,000,000 seven per cent secured bonds of a nominal value of Lm100 and e100 respectively per bond at par, maturing in 2013 (but which may be redeemed in whole or in part at the option of the company in 2011 and 2012).

More information can be obtained by referring to the prospectus dated 21 March, copies of which are available during office hours from all bank branches and authorised intermediaries.

Applications for the bonds may be made 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 euro 100 thereafter, in the case of the Euro bonds.

Subscriptions open on Monday, 16 April and close on Friday, 20 April.

The proceeds of the bond issue will be used 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.