Commencement of squeeze-out process of Tigné Mall p.l.c.

Following the successful conditional voluntary public takeover bid launched by Marsamxett Properties Ltd (the “Offeror”), a subsidiary of Hili Ventures, for the acquisition of the entire issued share capital of Tigné Mall p.l.c. (the “Company”) the Offeror had exercised its right to oblige all the remaining shareholders of the Company to sell and transfer the remaining shares.  

Marsamxett Properties Ltd currently holds 94.87% of the shares in the company.

The Offeror is commencing the squeeze-out process in terms of Capital Markets Rule 11.42 for the remaining 5.13% of the issued share capital of the Company (the “Remaining Shares”), for a cash payment of €1.04 per share, which is the Offer Consideration (as defined in in the offer document dated September 13, 2024) and the fair price in terms of Capital Markets Rule 11.43 (the “Consideration”).

Rizzo, Farrugia & Co (Stockbrokers) Ltd, in its capacity as Manager, Registrar, Collecting Agent and Paying Agent, has been instructed by the Offeror to complete the transfer of all the Remaining Shares and to process applicable payments by no later than December 13, 2024.

In the absence of a duly recognised recipient for the Consideration or in the absence of details necessary for the transfer of the Consideration, the Consideration shall be held by the Company pending identification of a duly recognised recipient and the receipt of the necessary details for the transfer of the Consideration to the duly recognised recipient. If a duly recognised recipient remains unidentified, the necessary details are not provided or there is uncertainty regarding the identity of the recipient or the relevant details, the Consideration shall be deposited with the Maltese courts and will be able to be withdrawn under the authority of the courts by such person or persons who have a right thereto in terms of law.