D Shopping Malls Finance bondholders back guarantee changes

D Shopping Malls Finance plc has secured bondholder approval for changes to the guarantee structure backing its €7.5 million bond, a move that allows the company to proceed with a restructured transaction.

Bondholders voted in favour at a meeting held on 28 September 2026, with the required quorum reached under the Company Admission Document. Those attending in person or by proxy supported the resolutions put before them.

The meeting, convened after an earlier announcement on 14 September, focused on the company's 5.35% unsecured bonds due in 2028. The bonds trade on the Malta Stock Exchange's Prospects MTF market.

Bondholders were asked to consider changes to the existing guarantee arrangements, including their possible substitution, replacement or supplementation. The proposals followed changes to the structure of a planned transaction affecting the arrangements supporting the bonds.

For investors in Malta's small bond market, the approval signals that the issuer is adjusting its financial architecture mid-life of the instrument. The outcome enables D Shopping Malls Finance to move forward with the proposed arrangements, subject to the terms and procedures established under its Company Admission Document.

The development underscores the flexibility built into Malta's Prospects MTF framework, where bondholders can be called to vote on structural changes that affect their security. It also highlights the importance of guarantee arrangements for unsecured bonds, particularly when the underlying transaction shifts.