Mur Lura
Government Notices published in Govt. Gazette No. 19,172 of the 26th November 2013
01/01/2013
No. 1185
LEGAL NOTICES PUBLISHED IN THE SUPPLEMENT TO THE GOVERNMENT GAZETTE
IT is notified for general information that the following Legal Notices were published in the Supplement to the Government Gazette Nos. 19,169 and 19,171 of the 19th and 22nd November, 2013, respectively.
L.N. 399 of 2013. Code of Police Laws (Cap. 10); Parcel Porters (Revocation) Regulations, 2013.
L.N. 400 of 2013. Code of Police Laws (Cap. 10); Cinema Projectionists (Licence) (Revocation) Regulations, 2013.
L.N. 401 of 2013. Code of Police Laws (Cap. 10); Shoeblacks (Revocation) Regulations, 2013.
L.N. 402 of 2013. Central Bank of Malta (Amendment) Act, 2013 (Act No. XIII of 2013); Commencement Notice.
L.N. 403 of 2013: Environment and Development Planning Act (Cap. 504); Conservation of Wild Birds (Amendment No. 2) Regulations, 2013.
L.N. 404 of 2013: Medical and Kindred Professions Ordinance (Cap. 31); Medical and Kindred Professions Ordinance (Amendment of Third Schedule) (No. 3) Regulations, 2013.
L.N. 405 of 2013: Medical and Kindred Ordinance (Cap. 31); Drugs Control (Amendment) (No. 3) Regulations, 2013.
L.N. 406 of 2013: Fisheries Conservation and Management Act (Cap. 425); Point System for Serious Infringements Order, 2013.
L.N. 407 of 2013: Fisheries Conservation and Management Act (Cap. 425); Management of the Lampara Fishery Order, 2013.
No. 1186
RESUMPTION OF DUTIES BY THE PRIME MINISTER
IT is notified for general information that the Hon. Joseph Muscat, K.U.O.M., B.Com., B.A. (Hons.), M.A. (European Studies), Ph.D. (Bristol), M.P., resumed duties as Prime Minister on Sunday, 24th November, 2013 and that the arrangements made by Government Notice No.1170 of the 22nd November, 2013, ceased to have effect accordingly.
No. 1187
APPOINTMENT OF ACTING director (LOCAL GOVERNMENT)
The Permanent Secretary in the Ministry for Tourism has approved the following acting appointment:–
NAMEPOSITIONDEPARTMENTDATE
Mr Silvio Frendo ActingDirectorLocal Government26-29.11.2013
No. 1188
APPOINTMENT OF ACTING DIRECTOR (CORRECTIONAL SERVICES) IN THE MINISTRY FOR HOME AFFAIRS AND NATIONAL SECURITY
IT is hereby notified that, with reference to Government Notice No. 1173 published in the Government Gazette dated 22nd November, 2013, the date when the appointment ofMr Raymond Zammit was to enter into effect as Acting Director of the Department of Correctional Services should have been 9th October, 2013 and not 9th November, 2013.
No. 1189
MALTA TREASURY BILLS ACT (CAP. 133)
Notice of Issuance Calendar
No. 1190
PROSPECTUS
Conversion of Stock Euro 150,000,000 (Nominal) in any One or any Combination of 3.2% Malta Government Stock 2019 (V) and 3.35% Malta Government Stock 2020 (IV) Available for Exchange by Auction on a Bid Price Basis Through Conversion of 5.1% Malta Government Stock 2014 (Iii)
Authorised under the Local Loans (Registered Stock and Securities) Ordinance, Cap. 161
1. EXCHANGE OF STOCK
a) The Accountant General invites bids by stockholders of 5.1% Malta Government Stock 2014 (III) (hereafter also called the source stock)to switch their holdings into any one or any combination of 3.2% Malta Government Stock 2019 (V) and 3.35% Malta Government Stock 2020 (IV), (hereafter also called the destination stocks) up to Euro 150,000,000.
b) Switches of holdings of 5.1% Malta Government Stock 2014 (III) (the source stock) will be on the condition that they are surrendered free from all pledges, liens, charges and encumbrances and with all the rights now or hereafter attaching to them.
c) The Treasury shall cancel the amounts (nominal) of 5.1% Malta Government Stock 2014 (III) it buys in through this switch auction on the day of settlement.
2. TERMS OF EXCHANGE (PRICING)
The Accountant General will announce a fixed clean price for 5.1% Malta Government Stock 2014 (III) (the source stock) on Wednesday 4th December, 2013. Competitive (multiple-price) bids are invited on a clean price basis for the 3.2% Malta Government Stock 2019 (V) and/or the 3.35% Malta Government Stock 2020 (IV) (the destination stocks), together with the amount of source stock bidders are willing to switch in units of €500,000 (nominal) for every bid price as indicated at paragraph 3(b) and in amounts of €250,000 (nominal) at every bid price as indicated at paragraph 3(c).
3. BIDS
a) Applications in the form of sealed bids (auction) open at 8.30 a.m. on Thursday 5th December, 2013 and close at noon of Friday, 6th December, 2013 or earlier at the discretion of the Accountant General.
b) Applications by any single bidder shall be in the form of sealed bids for a minimum and multiples of €500,000 each.
c) Applications submitted in the name of ‘Nominee a/c’ and/or ‘Clients a/c’ must be in the form of sealed bids for a minimum amount of € 250,000 or more. Applications in the name of ‘Nominee a/c’ and/or ‘Clients a/c’ will onlybe accepted if accompanied by a list showing the identity card number, or in case of a body corporate, the relevant identification number of their respective clients.
d) Bids on the prescribed application forms are to be deposited at the Treasury Tender Box or transmitted by fax on 2596 7210 or by e-mail at the e-mail addresses indicated on the application form.
e) Application forms may be obtained from all Members of the Malta Stock Exchange, other authorised Investment Service Providers or downloaded from Treasury’s website at (www.treasury.gov.mt).
f) All applications by bids will be irrevocable after closing time.
4. ALLOTMENT POLICY
Allocation of Stock will be made in the following manner:
a) Bids will be ranked in descending order of clean bid price for each of the 3.2% Malta Government Stock 2019 (V) and the 3.35% Malta Government Stock 2020 (IV) (the destination stocks) and accepted bids for each stock will be allotted to bidders whose bid prices are at, or above, the lowest price at which the Accountant General decides that any bid should be accepted (the ‘lowest accepted price’).
b) Stockholders of the 5.1% Malta Government Stock 2014 (III) (the source stock) with the highest clean bid prices for the (destination stocks) will have their bids accepted first. Bids at the lowest accepted bid price by more than one bidder will be allotted in proportion to the amount of corresponding ‘source stock’ bid.
c) Bidders whose bids are accepted in full will be allocated amounts of 3.2% Malta Government Stock 2019 (V) and/or 3.35% Malta Government Stock 2020 (IV) (destination stocks) according to the switch ratio calculated as follows: the fixed clean price plus accrued interest of 5.1% Malta Government Stock 2014 (III) (the source stock) as announced by the Accountant General on Wednesday, 4th December, 2013 divided by the clean bid price plus accrued interest for the destination stock. This switch ratio, rounded to three decimal places, will be multiplied by the nominal amount of source stock the bidder is willing to exchange at each bid price for the destination stocks (or, where applicable, the portion of the amount the bidder is willing to switch at the lowest accepted bid price), which amount is subject to any applicable scaling factor.
d) The allotment result of the Stock to bidders will be determined and announced within two hours immediately after the closing time of applications by auction.
5. PAYMENT OF DIVIDENDS (INTEREST)
a) (i) During the tenor of the 3.2% Malta Government Stock 2019 (V) (thedestination stock) dividends (interest) will be paid half yearly in arrears on 31st January and 31st July in every year.
(ii) The first dividend (interest) payment covering the period from the 31st July, 2013 to the 30th January, 2014 (both dates inclusive) shall be made at the rate of 1.60% on the 31st January, 2014.
b) (i) During the tenor of the 3.35% Malta Government Stock 2020 (IV) (thedestination stock) dividends (interest) will be paid half yearly in arrears on 31st January and 31st July in every year.
(ii) The first dividend (interest) payment covering the period from the 31st July, 2013 to the 30th January, 2014 (both dates inclusive) shall be made at the rate of 1.675% on the 31st January, 2014.
c) Payment of dividend (interest) shall be made by direct credit to any branch of any local bank as advised on the application form.
6. SETTLEMENT
a) Settlement of successful bids shall be effective on 9th December, 2013.
b) The accrued dividend (interest) on the 5.1% Malta Government Stock 2014 (III) (source stock) will be based on the number of days between the period from 6th July, 2013 (last dividend/interest payment date of the stock) to 8th December, 2013 (both dates inclusive).
c) The accrued dividend (interest) on the 3.2% Malta Government Stock 2019 (V) (destination stock) will be based on the number of days between the period commencing from 31st July, 2013 up to and including the 8th December, 2013.
d) The accrued dividend (interest) on the 3.35% Malta Government Stock 2020 (IV) (destination stock) will be based on the number of days between the period commencing from 31st July, 2013 up to and including the 8th December, 2013.
7. CLEARING FACILITIES
a) MaltaClear
Clearing and settlement of transactions in Malta Government Stocks traded on the Malta Stock Exchange Trading System are effected through MaltaClear in accordance with Chapter 7 of the Malta Stock Exchange Bye-Laws.
b) Clearing (FOP) through Clearstream – MSE Access Link
(i)Applicants may also avail of the clearing facility (FOP) provided through the Malta Stock Exchange plc (MSE) – Clearstream Banking AG – Frankfurt (CBF) Access Link as direct customers of CBF or Clearstream Banking SA, Luxembourg (CBL), or indirectly by being capable of clearing through CBF/CBL via another central securities depository or international central securities depository (other CS/ICSD) linked to CBF/CBL.
(ii) The Accountant General shall cancel any allotment of stock to any institution claiming to be CBF/CBL customers or otherwise capable of clearing via CBF/CBL, but which are rejected by Clearstream for any reason whatsoever in the process of registration. Once a subscription is rejected the applicant will be deemed to have maintained all the status quo ante rights in the holdings of the 5.1% Malta Government Stock 2014 (III).
8. FUNGIBILITY
The Accountant General reserves the right to issue in future, additional amounts of the 3.2% Malta Government Stock 2019 (V) and the 3.35% Malta Government Stock 2020 (IV) in further tranches.In the event of such further issues these will be integrated with the respective existing Stock.
9. UNDERISSUANCE
The Accountant General reserves the right to accept bids for the full amount on offer at the auction or any part thereof and to reject any bid or part thereof on any grounds whatsoever, notwithstanding that the amount on offer has not been taken up. The Accountant General may also decide not to switch any of the stock.2/10
10. REDEMPTION OF STOCK
a)The 3.2% Malta Government Stock 2019 (V) shall be redeemed at par on the 31st July 2019.
b)The 3.35% Malta Government Stock 2020 (IV) shall be redeemed at par on the 31st July 2020.
11. SECURITY
The issuance of the 3.2% Malta Government Stock 2019 (V) and the 3.35% Malta Government Stock 2020 (IV) and dividend (interest) thereon will be a charge on the General Revenue and Assets of the Government of Malta.
12.TRADING ON THE MALTA STOCK EXCHANGE
Pursuant to the Financial Markets Act, Cap. 345, an application has been submitted to the Listing Authority for the 3.2% Malta Government Stock 2019 (V) and the 3.35% Malta Government Stock 2020 (IV) issued for this offer of exchange by auction to be admissible to listing and to the Malta Stock Exchange for these bonds to be admitted to its Official List.
13.COLLECTIVE ACTION CLAUSES (CACs)
(a) Pursuant to the decision of the European Council of 24-25th March 2011, and in accordance with Paragraph 3 of Article 12 of the European Stability Mechanism (ESM) Treaty, the model Collective Action Clauses (CAC) became mandatory in all new euro area government securities with maturity above one year issued on or after 1st January 2013.
(i) Pursuant to the provisions contained in the CACs, the Accountant General may, at any time, convene a meeting of stockholders to consider and approve any modifications of the borrowing terms and conditions of the Stock on issue.
(ii) The modifications that may be carried out are of two types: (1) A ‘reserved matter’ modification, involving the modification of the most important terms and conditions of this Stock, such as a reduction in the principal or interest payable on this Stock, or changes in the dates when interest is payable or Stock is redeemable, or change the definition of a ‘reserved matter’; and (2) A ‘non-reserved matter’ modification, involving the modification of less important terms and conditions other than a reserved matter.
(iii) Under the CAC, a modification may be proposed in relation to either a single Stock, a so-called single-series modification, or to more than one stock at the same time, a so-called cross series modification.
(iv) Modification of Stock in relation to a ‘reserved matter’ shall require the affirmative vote of stockholders of not less than 75% of the aggregate principal amount of the outstanding stock represented at a meeting duly convened, or not less than 66 2/3% of the aggregate principal amount of the outstanding stock in the case of written resolution.
(v) In relation to a ‘non-reserved matter’ modification, the affirmative vote of stockholders of more than 50% of the aggregate principal amount of the outstanding stock represented at a meeting duly convened, or of more than 50% of the aggregate principal amount of the outstanding stock in the case of written resolution, is required.
(vi) In all events, a proposed modification shall require the consent of the Accountant General and, if approved, shall be binding for all stockholders.
(b) Notice of Meetings of Stockholders shall be published by the Accountant General at least 21 days prior to the date of the meeting or, in the case of an adjourned meeting, at least 14 days prior to the date of the adjourned meeting. The notice shall, amongst other matters, (i) specify the date, time and location of the meeting; (ii) set out the agenda and quorum for, and the text of any resolutions proposed to be adopted; and (iii) set out any additional rules adopted by the Accountant General and, if applicable, the conditions under which a cross-series modification will be deemed to have been satisfied if it is approved as to some but not all the affected series of debt securities.
(c) The Chair of any meeting of stockholders will be appointed by the Accountant General; or if such person nominated is not present at the meeting, by the holders of more than 50% of the aggregate principal amount of the Stocks then outstanding represented at the meeting.
(d) The Accountant General shall publish, without undue delay, all notices and other matters required to be published pursuant to Stockholders Meetings and Written Resolutions:
(i) on the Treasury’s website: (www.treasury.gov.mt);
(ii) through the Malta Stock Exchange;
(iii) Malta Government Gazette.
(e) The Collective Action Clauses (CACs), as agreed upon by the Member States of the European Union at its summit held on 24-25 March 2011, and in accordance with Paragraph 3 of Article 12 of the European Stability Mechanism (ESM) Treaty, can be found on the Treasury website (www.treasury.gov.mt) under the section reserved for the Debt Management Directorate.
Note: The above paragraph on the Collective Action Clauses (CACs) contains summarized information taken from the Model Collective Action Clauses (CAC). All potential applicants are solicited to access the detailed CACs which can be found on the Treasury website, and any decision to invest in the Stock/s should be based on consideration of the Prospectus as a whole.
14. RELEVANT LEGISLATION
The Local Loans (Registered Stock and Securities) Ordinance, (Cap. 161), the Directive by the Minister for Financeunder articles 31 (a) and (b) and article 32 of the said Ordinance, and the Local Loans (Registered Stock) Regulations, 1959.
Note: The value of the investment may go up and/or down during the tenor of the Stock.
No. 1191
GOLDSMITHS AND SILVERSMITHS ACT (CAP. 46)
THE Commissioner of Inland Revenue notifies that on the date shown hereunder, the price of gold and silver on which valuations made by the Consuls for Goldsmiths and Silversmiths are based has been fixed for the purposes of article 14 of the said Act as follows:–
DatePure GoldPure Silver
GramsGrams
26. 11.13€29.803€0.500
No. 1192
LAND REGISTRATION ACT (Cap. 296)
Notice of Intention to Register Titles to Land