sGAP Developments plc yesterday announced its allocation policy for the Lm15 million bond issue which was over-subscribed.

It said applications for Maltese-lira bonds with a nominal value up to and including Lm4,000 will be met in full, as will applications for Euro-bonds with a nominal value up to and including e10,000.

Applications for Maltese-lira bonds with a nominal value of more than Lm4,000 will be allocated as follows: the first Lm4,000 will be met in full, together with 37.15 per cent of the remainder.

Applications for Euro-bonds with a nominal value of more than e0,000 will be allocated as follows: the first e10,000 will be met in full, together with 37.15 per cent of the remainder.

All amounts allocated will be rounded down to the nearest Lm100/e100.

The proceeds are to be used to part finance the development of Fort Cambridge in Sliema.