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LifeStar Insurance plc (“the Issuer”) has announced the issuance of €10,000,000 4% Unsecured Subordinated Bonds 2026 – 2031 (subject to an Over-allotment Option of €3,000,000 in the event of over-subscription), having a nominal value of €100 per Bond which shall be issued at par.
Existing bondholders of the current LifeStar Holdings Plc bond, are eligible to apply for this issue as an Existing Holder.
Business Overview:The Company is a provider of life insurance products offering a comprehensive range of protection, savings, investment, and pension products. The Company provides both single premium and regular premium interest-sensitive saving products, unit-linked insurance-based investment products, pension products as well as protection products including level and decreasing term, critical illness, and group life policies.
How to buy this bond:Instructions will be accepted from 10th May 2021 and can be submitted through one of our Financial Advisors based in one of our five branches (Mosta, Sliema, B’kara, Qormi, and Fgura).
Since the Prospectus requires the bond to be sold on an Advisory basis, CCTrader should contact our Call Centre on +356 25 688 888 or via LiveChat to organise a meeting with a Financial Advisor.
The exchange offer is limited to the number of bonds of LifeStar Holding PLC held and orders must be of a minimum of 5,000 and multiples of 100.
All orders must be submitted by not later than the 19th of May, 2021 @ 16:00hrs (Closing date).
Orders must be of a minimum of 5,000 and multiples of 100. All orders must be submitted by not later than the 19th of May, 2021 @ 16:00hrs (Closing date).
Click here to view the Company Announcement and a copy of the Prospectus is available here.
Please note that LifeStar Insurance plc has received approval for the attached two supplements relating to the Equity IPO and Subordinated Bond Issues.
The purpose of these supplements are primarily the following:
With respect to both supplements, investors are entitled to withdraw their application within 3 business days and hence the final date of such right of withdrawal is to reach the Registrar by latest 1500hrs on Tuesday 1st June 2021.
Supplimentary documents are available here and here.
Should you require further detail or information about this update please contact us on +25 688 688 or speak to your financial advisor.
The issuer of the Bonds is the Company, LifeStar Insurance PLC (“the Company”), a public limited liability company registered in Malta in terms of the Companies Act. The issue will be made available to existing by LifeStar Holding p.l.c (“LSH”) Bondholders to the extent of their holdings of the LSH Bonds at the 7 May 2021 and subject to any Cash Top-Ups by such LSH Bondholders, to LSH Bondholders, Eligible Shareholders, the Group Employees and LifeStar Policyholders and to Prospective Investors subject to the terms and conditions of the Prospectus and the allotment policy disclosed therein.
An investment in the Company and the Bonds may not be suitable for prospective investors. An investment in the Bonds by prospective investors including LSH Bondholder is only suitable for investors who have a high tolerance to risk and with a holding period of not less than 5 years and up to an indefinite period of time in the event that the redemption of the Bonds is delayed beyond Maturity Date. An investment in the Bonds is not suitable for investors who are risk averse or have no risk tolerance including the risk of losing some or all of their investment in the bonds. Prospective investors require having sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the merits and risks of investing in the Bonds and the information contained or incorporated in the Prospectus. Prospective investors require having sufficient financial resources and liquidity to bear all the risks of an investment in the Bonds, including the risk of deferral of redemption of the Bonds for an indefinite period of time and the risk that an investor in the Bonds may lose some or all of its investment should the Company become insolvent. Prospective investors are required to understand thoroughly the terms of the Bonds and the risks inherent in the investment.
The Bonds are scheduled to be redeemed at par on the Maturity Date provided that the conditions set forth in this Prospectus are met. Where the conditions set out in the Prospectus are not met, redemption may be delayed beyond the Maturity Date for an indefinite period of time and prospective investors may receive their investment back at a later point in time than initially expected. The Bonds do not contain any event of default provisions that would allow Bondholders to accelerate the Bonds if redemption is delayed beyond the Maturity Date in circumstances where the conditions in the Prospectus are not met.
In case of a Mandatory Deferral of Interest as per Terms and Conditions in this Prospectus, interest on the Bonds will not be due and payable on the scheduled Interest Payment Date and will be deferred. Any such deferral of payment will not constitute a default of the Company or any other breach of its obligations under the Bonds or for any other purpose and will not give Bondholders any right to accelerate repayment of the Bonds or take any other action under the Bonds. Interest deferred will constitute Arrears of Interest. Bondholders will not receive any additional interest or compensation for the mandatory deferral of payments. In particular, the resulting Arrears of Interest will not bear interest.
Each potential investor should consider, with the help of its financial and other professional advisers, whether it understands thoroughly the provisions of this Prospectus, including (inter alia) the provisions relating to the redemption and deferral of redemption of the Bonds.
Investors wishing to acquire Bonds in the Company or to avail themselves of the Bond Exchange Offer should do so on the basis of the Prospectus before making any investment decision in order to fully understand the potential risks associated with the investment and other investment considerations as well as all the other information contained in the Prospectus before deciding to make an investment in the company. A copy of the Prospectus may be obtained from here. The value of the investment may go down as well as up and past performance is not necessarily indicative of future performance.
Prospective investors are urged to consult an independent investment advisor licensed under the Investment Services Act, Cap 370 as to the suitability or otherwise of an investment in the Bonds before making an investment decision. Authorised Intermediaries can distribute the Bonds to Retail Clients and/or Elective Professional Clients on an advisory basis or discretionary portfolio management basis only, subject to the undertaking of a suitability assessment in respect of such prospective investors. The Bonds are deemed incompatible with the needs, characteristic and objectives of clients who do not have a high tolerance to risk or are seeking on-demand full repayment of the amounts invested.
Approved for issue by Calamatta Cuschieri Investment Services Limited (“CCIS”). CCIS is licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap 386. CCIS, Ewropa Business Centre, Triq Dun Karm, Birkirkara BKR 9034, Malta
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