The Board of Directors of the FES Finance p.l.c. (the Company) announces that the Company will be calling upon investors, holding as at close of business on 31 October 2019, the €5 million bonds issued in terms of Company Admission Document dated 6 March 2019, holding ISIN number: MT0002231208 (the “Bonds”) for a meeting at 18:00 hours on 20 November 2019 at the AX The Victoria Hotel, Gorg Borg Olivier Street, Sliema, SLM 1807.
The board of directors has approved plans to further develop the capacity of the Gzira property by a further 32 rooms for a total room stock of 93 rooms. The improvement will add the facilities of gym, swimming pool, meeting facilities, and three new Food & Beverage Venues to the property.
This expansion will be achieved via the acquision of a neighbouring property, increasing the site foot print by 35%.
The Company hereby announces that during the meeting of its Board of Directors held on Wednesday 28th August 2019, the Company’s interim financial statements for the financial period ended 30th June 2019 were approved.
The financials can be viewed by clicking on this link.
Wied Ghomor hotel developers seek €5 million bond finance
Boutique Hotel, Triq Wied Ghomor, St. Julian’s
- The proposed development as per permit PA3805/17 is ‘Amended application to replace an approved development of a Villa’. The permit for the development of a Villa was granted in 2015, reference PA 01576/12. The site of the ‘Amended application to replace an approved development of a Villa’ is fully committed as per the approved development of a Villa.
- The construction of the Guesthouse, albeit having a valid permit, have not commenced. The company shall refrain from commencing the construction until the appeal proceedings are finalised.
- The company and its architects have not been notified with the date of the appeal decision, nor that an appeal hearing is set for April 4th, 2019. To date there is no date set for the next hearing, and no information is available to the Company that notes the date on which the Environment and Planning Review Tribunal is to give its decision regarding the appeal.
- The company notes that the latest information available to its Architects, regarding appeal Ref: 00167/18 , is sourced from the Environment and Planning review Tribunal website: (www.eprt.org.mt). The website notifies the reader of the most recent appeal hearing, held on December 6th, 2018, during which hearing the board deferred the date on which it shall notify its decision, to an unspecified date. The documentation available to the Architects of the Company provide is the Planning Authority’s report to the Environment and Planning review Tribunal Board. The author of the report is giving the Tribunal board the following conclusion: “For the above-mentioned reasons, the Planning Authority respectfully requests that the Environment & Planning Review Tribunal to confirm the issued permit and to refuse this third party appeal.” The Company understands that the noted recommendation by the author is specific to the board in question and does not constitute a final decision on the referenced appeal.
Euro Guesthouse, Frederick Ponsomby Street, Gzira
- The redevelopment of the property shall increase the property room stock from 28 rooms to 54 rooms, together with the addition of two food and beverage venues.
FES Finance plc – €5,000,000 – 5% Secured & Guaranteed Bonds 2029 – Authorisation and Approval
Malta Stock Exchange authorises the issue of the respective Company Admission Document. In accordance with Rule 4.07.01, a notification has been issued in this regard i.e. Prospects MTF Notice 07/2019 has been published on the Prospects MTF website. This Notice can be viewed on the following link: https://borzamalta.com.mt/ProspectsNotices/PROSPECTS_NOTICE_07_2019.pdf .