HSBC Bank Malta has obtained consent from shareholders to allow it to disclose, in confidence, information, including unpublished price-sensitive information, to prospective bona fide offerors and the prospective bona fide transferor (HSBC Continental Europe) in connection with a potential transaction involving a substantial shareholding in the company.
The bank said that the majority shareholder has made no decisions regarding its shareholding in HSBC Bank Malta p.l.c., and it continues to consider the full range of options for its shares.
Now, that the resolution has been approved, the process for data disclosure may commence subject to the satisfaction of other conditions, amongst which the signing of confidentiality agreements between the bank and all the parties to be given access to confidential information, HSBC Malta said in an FAQ document.
“In the meantime, the Bank understands that the majority shareholder’s strategic review remains at an early stage and is not aware of any decisions having been taken. It is not possible or appropriate for the Bank to speculate on how any transaction might progress. The Bank will keep the shareholders informed on the outcome of negotiations as required by the Capital Markets Rules.”
The bank said that any decision to sell or otherwise rests with the majority shareholder, HSBC Continental Europe (HBCE), not HSBC Bank Malta p.l.c.
The resolution (Ordinary Resolution – Special Business) that passed reads as follows: “That the Company be and is hereby authorised and empowered, in connection with a potential transaction involving a Substantial Shareholding (as defined in Capital Markets Rule 5.174) (a “Substantial Shareholding”) in the Company, to furnish, in confidence, information, including unpublished price sensitive information, to a bona fide offeror(s) and the corresponding bona fide transferor as may be necessary to enable the bona fide offeror(s), the bona fide transferor and their respective advisers to make, confirm, withdraw or modify any offer(s) for a Substantial Shareholding.”
