Following the overwhelming demand for the e15,000,000, 6% Bonds 2014 – 2016, the board of directors of Gasan Finance closed applications within an hour from opening on 27 April and exercised the over-allotment option in full, thereby increasing the issue from e15,000,000 to e20,000,000. The Bond Allotment Policy was announced on 4 May.

1,963 applications totalling e8,610,000 were received from bondholders of the 6.4 per cent Bonds 2008-2011, representing 78 per cent of the 6.4 per cent Bonds 2008 – 2011. These applications were allocated in full.

Applications at pre-placement stage, totalling e12,693,000, were scaled down to e8,000,000, which represents 40 per cent of the total issue including the over-allotment option of e5,000,000. Applications received were allotted 63.02 per cent of the value applied for.

A total of 1,897 applications for a total of e9,816,000, were received from the general public. Applications by Gasan Group employees were met in full while all other applications were allotted a minimum of e1,000 and 18.3 per cent of the balance applied for. Interest on the Bonds will start from 4 May, while allotment letters and refunds of unallocated monies will be paid by Monday 11 May.