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Subsequent Events | 12 Months Ended
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Dec. 31, 2022
Subsequent Events |
Subsequent Events | Note 29. Subsequent Events Business Combination In March 2022, the Company announced that its subsidiary, Merkanti Holding, the parent of Merkanti Bank Ltd. (“Merkanti Bank”) had signed a definitive agreement to acquire Sparkasse (Holdings) Malta Ltd. a company registered in Malta (“Sparkasse Holdings”), the parent of Sparkasse Bank Malta plc (“Sparkasse Bank”). Merkanti Holding is acquiring Sparkasse Holdings and the total consideration is approximately equal to the net tangible asset value of Sparkasse Holdings, less certain adjustments, and includes (i) a cash payment at closing of the transaction, (ii) three consecutive annual payments of €2.5 million; and (iii) a contingent payment, payable solely upon the recovery (if any) of an asset of Sparkasse Bank which was previously written off in its entirety. The consideration is expected to be satisfied through cash on hand and available liquidity within the Group. Upon closing of this transaction, and subject to regulatory approval, it is the intention of management to merge Sparkasse Bank and Merkanti Bank, in order to form a larger independent financial institution. The transaction is conditional upon the satisfaction of certain customary conditions precedent such as regulatory approval from various regulators, including the European Central Bank, the Malta Financial Services Authority and the Central Bank of Ireland. The long-stop date in the Share Purchase Agreement is in the first half of 2023. Absent an extension, we expect the transaction to be closed or terminated by this time. Cash Dividend The Company’s board of directors declared a cash dividend of $0.23 (US$0.17) per common share pursuant to its cash dividend policy, which was implemented in connection with the Company’s focus on enhancing shareholder value and maximizing earnings and dividends to its shareholders based upon its iron ore royalty. The dividend will be paid in United States dollars on May 19, 2023 to shareholders of record on May 9, 2023.

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