LifeStar Holding plc announced that an application for the admissibility of LifeStar Insurance’s ordinary shares to listing has been submitted to the Malta Financial Services Authority (MFSA) for approval.

The company also announced that LifeStar Insurance intends to proceed with a public offer of subordinated bonds and that an application for the admissibility to listing has been submitted to the MFSA for approval. LifeStar Insurance also intends to offer holders of the €10,000,000 5.00% unsecured bonds maturing June 2, 2021 the option to exchange their bonds in the Company for Subordinated Bonds issued by LifeStar Insurance upon terms to be made available in the Subordinated Bond Prospectus.

As part of the implementation of the LifeStar Group Restructuring, the Company no longer intends to pursue the roll-over of its €10,000,000 5.00% unsecured bonds maturing 2nd June 2021 which was  previously announced in 2020.

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On April 28, 2021, as subject to approval, the Company has submitted an application for the admissibility of LifeStar Insurance’s ordinary shares to listing with the MFSA and all the relevant information about the IPO will be included in the IPO prospectus to be issued by LifeStar Insurance.

In anticipation of the approval of the IPO Prospectus, the Company is pleased to inform the market that:

Shares on Offer
It intends to offer for sale 18,518,519 ordinary shares in Lifestar Insurance at an offer price of €0.54 cents per ordinary share.

Exchange Offer
It also intends to offer 6,570,000 ordinary shares it holds in LifeStar Insurance to its shareholders in exchange for their ordinary shares in the Company, at an exchange ratio of one share in the Company for one share in LifeStar Insurance.

Cut-Off Date
The Exchange Offer is only available to shareholders of the Company whose name is entered on the LifeStar Holding’s register of members on the May 3, 2021 (“Cut-Off Date”).

Suspension of Trading
The Company wishes to inform the market of a voluntary request for a suspension in trading in the shares of the Company, to allow the exchange operations to be completed, with effect from April 30, 2021.

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On May 5,2021, the company announced that the offer for sale of 18,518,519 ordinary shares at an offer price of €0.54 per share and the offer of 6,570,000 ordinary shares to its shareholders in exchange for their ordinary shares at an exchange ratio of 1 company share to 1 share in LSI has been approved by the listing authority.

Trading is expected to commence on June 1, 2021. The net proceeds from the IPO shall be for the benefit of the Company and shall be applied by the Company principally in order to redeem the €10,000,000 5.00% unsecured bonds maturing June 2, 2021. Any excess of the net proceeds from the IPO over the amounts required to redeem outstanding LSH Bonds, shall be used by the Company for general corporate purposes following such redemptions.

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On May 7, 2021, the company announced that the prospectus in respect of an issue of €10,000,000 4% unsecured subordinated bonds due 2026-2031 with a nominal value of €100 per bond (subject to an over-allotment option of €3,000,000 in the event of over-subscription) has been approved by the Listing Authority.

The Listing Authority has also approved the admissibility of the Subordinated Bonds on the Official List of the Malta Stock Exchange, subject that such Subordinated Bonds are sold only on advisory basis.

It is expected that the net proceeds from the Subordinated Bonds issue shall be used for the purposes of strenghtening the capital base and the solvency capital ratio of LSI in order to support its future growth and for general corporate purposes, as further set out in the Prospectus.

Click here to download the full announcement.