Issue link: https://maltatoday.uberflip.com/i/1509057
€1.50 THURSDAY 5 OCTOBER 2023 • ISSUE 226 WWW.BUSINESSTODAY.COM.MT PAGE 3 PAGE 5 AX Group issues €40 million 5.85% unsecured bonds Judge slams No Deposit Cars, cancels 'fraudulent' contract PAUL COCKS AX Group p.l.c. has announced the is- suance of €40,000,000 5.85% Unsecured Bonds maturing in 2033, having a nom- inal value of €100 per bond issued and redeemable at par. From the proceeds of the bond is- sue, up to €40 million in the form of exchangeable bonds surrendered by existing bondholders in favour of AX Group by virtue of an exchangeable bond transfer resulting in the purchase of exchangeable bonds, will be utilised for cancellation. e proceeds derived from the bal- ance of the bonds not subscribed for by existing bondholders, as well as any amounts received through the exercise of the cash top-up, will be used by AX Group for the redemption of the out- standing amount of the exchangeable bonds remaining in issue as at 6 March, 2024, being the redemption date of the exchangeable bonds. STAR PERFORMER MSE FTSE 100 EUR EXCHANGE RATES Trading Date: 4 Oct 2023 Number of Trades: 84 Turnover: € 970,046.64 MSE TRX Index: 7837.376 Change: 0.026% Name: 3.5% BOV SUB NTS MT0000021320 - Currency € Last Traded: 4 Oct 2023 Price 90.000 Change +9.000 US Dollar 1.0522 British Pound: 0.86477 Japanese Yen: 144.59 Australian Dollar: 1.5451 Swiss Franc: 0.98700 7,587.67 75.67 7,592.39 / 7,512.00 Value Net variation High / Low +1.01% Your time is precious, let us take care of your investments. Expert service, accessible from €100 medirect.com.mt 2557 4400 MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370). MeDirect Bank (Malta) plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. → direct discretionary portfolio management KURT SANSONE NO Deposit Cars adopted fraudulent commercial practices when selling a second-hand car, a judge has ruled annulling a hire purchase contract en- tered into with a client. Judge Toni Abela said No Deposit Cars, owned by alleged kidnapper Christian Borg, is making customers sign con- tracts with unfavourable conditions. In a scathing ruling, the judge said the company's contracts were not premised on good faith and included a clause that prevented clients from making com- plaints on latent defects.