9 - 11 November 2000

Datatrak share issue oversubscribed

by Franco Aloisio

Datatrak’s public share issue was heavily oversubscribed with subscriptions closing in advance yesterday evening. The share issue was opened earlier this week and had to close on 14 November.
Four million ordinary shares of Lm1 each were on offer. The finance raised through this share issue will be used for Datatrak’s planned move, backed by Siemens Datatrak, into the Middle East, the Gulf States, and North Africa, as well as its expansion in Malta and Gozo.
Sponsoring stockbroker David Mallia said: “Not since the Lombard share issue, some years ago, have subscriptions closed the very same day they opened.
“This is very encouraging, particularly as Datatrak are the first to be listed on the Alternative Companies Listing at the Malta Stock Exchange. It augurs well for other companies of this nature.”
At the first count yesterday morning, the share issue was already heavily over-subscribed, with more than Lm4 million worth of applications. Applications for the purchase of shares, however, continued to be accepted until 7pm. By mid-afternoon, approximately 1,000 individuals had applied to purchase the shares. The take-up was particularly strong in Gozo, where a special presentation was made to stockbrokers, bankers and other financial intermediaries, in the pre-launch campaign.
Datatrak general manager Alex Falzon said: “This has exceeded all our expectations. We had an indication that the take-up would be successful, because pre-placement interest was so strong. We are delighted that so many people have shown such confidence in this company, and thank them. We will be working even harder to show that their confidence is well-placed.”