Thirty million ordinary shares of Trident Estates plc (“Trident”) at a nominal value of €1 were admitted to listing on the Official List of the Malta Stock Exchange on Tuesday 30 January 2018. The shares were distributed as dividends by Simonds Farsons Cisk plc (“Farsons”) to its shareholders. Each shareholder in Farsons was entitled to receive one share in Trident for each Farsons share held by that shareholder and no payment was due by the shareholder.
Trident and its subsidiary undertakings own and manage prime properties and will act independently and at arms’ length from Farsons. A new management structure has been created to ensure the appropriate focus on the new business.
The €45 million development of Trident Park is the first project that the newly listed group will undertake. The plan is to convert the Farsons’ 1950 Brewery building into a state-of-the-art business park accommodating 16,000 m2 of office space as well as a multi-storey carpark for 680 spaces.
Before the opening of the first trading session on Wednesday 31 January, the Chairman of the Stock Exchange, Mr Joe Portelli, welcomed the company on the Stock Exchange and augured success. He announced that 2018 promises to be a busy year for the Stock Exchange in terms of new listings.
During the same iconic ceremony, the Chairman of Trident, Mr Louis Farrugia announced that the three principal shareholder groups have signed an undertaking agreement to take up their proportionate share of a €15 million rights issue planned for 2019 which will part-finance the development of Trident Park. Bank funding has also been secured with a leading local bank.
The Chairman thanked the Malta Stock Exchange, the Company’s legal advisors Mamo TCV, the reporting accountants PWC, the sponsoring brokers Rizzo Farrugia, the Directors and the newly appointed CEO, Charles Xuereb for their dedication, support and hard work in delivering Trident to the capital market.
