Mur Lura
Government Notices published in Govt. Gazette No. 19,225 of 25th March 2014
01/01/2014
No. 309
PUBLICATION OF ACTS IN SUPPLEMENT
IT is notified for general information that the following Acts are published in the Supplement to this Gazette:
Act No. V of 2014 entitled the Criminal Code (Amendment No. 4) Act, 2014; and
Act No. VI of 2014 entitled the Consumer Affairs (Amendment) Act, 2014.
No. 310
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 No. 19,224 of the 21st March, 2014:
L.N.86of2014: Environment and Development Planning Act (Cap. 504); Conservation of Wild Birds (Framework for Allowing a Derogation Opening a Spring Hunting Season for Turtledove and Quail) (Amendment) Regulations, 2014.
L.N. 87 of 2014: Environment and Development Planning Act (Cap. 504); Conservation of Wild Birds (Declaration on a Derogation for a 2014 Spring Hunting Season for Turtle Dove and Quail Regulations, 2014.
L.N. 88 of 2014: Housing (Decontrol) Ordinance (Cap. 158); Index of Inflation for the Year 2013.
No. 311
RESUMPTION OF DUTIES BY THE PRESIDENT OF MALTA
It is notified for general information that the President of Malta has resumed the functions of the Office of the President on Saturday, 22nd March, 2014.
Ms Dolores Cristina has ceased to perform the functions of President.
No. 312
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 Friday, 21st March, 2014 and that the arrangements made by Government Notice No. 300 of the 21st March, 2014, ceased to have effect accordingly.
No. 313
APPOINTMENT OF ACTING ACCOUNTANT GENERAL
THE Permanent Secretary in the Ministry for Finance has approved the following acting appointment:–
NAMEPOSITIONDEPARTMENTDATE
Mr Albert ZahraAccountant GeneralTreasury26–28.03.2014
No. 314
LOCAL COUNCILS ACT
CAP. 363
the Electoral Commission notifies that the candidate elected as Councillor in the casual election held on Monday, 24th March, 2014 for the Local Council of Il-Mosta to fill the post vacated by Ms Kirby Fenech is that whose name is shown hereunder:–
CAMILLERI JEAN PAUL
J. CHURCH
Chief Electoral Commissioner
Office of the Electoral Commission,
Evans Building,
Merchants Street,
Il-Belt Valletta.
No. 315
EMPLOYMENT AND INDUSTRIAL RELATIONS ACT
Cap. 452
Appointment of Employment Relations Board
IT is hereby notified that, in terms of the powers conferred by article 3(1) of the Employment and Industrial Relations Act, the Minister for Social Dialogue, Consumer Affairs and Civil Liberties has appointed Mr Frank Farrugia as Board Member on the Employment Relations Board until 15th July 2014.
No. 316
PROSPECTUS
ISSUE OF AN AGGREGATE OF EURO 35,000,000MALTA GOVERNMENT STOCKSSubject to an Over-Allotment Option of Euro 20,000,000 in the event of over-subscription
Authorised under the Local Loans (Registered Stock and Securities) Ordinance, Cap. 161
1. ISSUANCE OF STOCK
The Accountant General is offering an aggregate Euro 35,000,000 of Malta Government Stocks which are being offered and made available in any one or any combination of the following Stocks:
(i) 3.2% Malta Government Stock 2019 (V) Fungibility Issue, and
(ii) 4.45% Malta Government Stock 2032 (II) Fungibility Issue.
2. BIDS
a) Applications in the form of sealed bids (auction) open at 8.30 a.m. on Thursday 3rd April, 2014 and close at noon on Friday 4th April, 2014 or earlier at the discretion of the Accountant General.
b) Applications by any single applicant shall be in the form of sealed bids for a minimum of €250,000 and multiples of €50,000 each.
c) 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 forms.
d) Application forms may be obtained from all Members of the Malta Stock Exchange, other authorised Investment Service Providers or downloaded from Treasury’s website (www.treasury.gov.mt).
e) Applications in the name of ‘Nominee a/c’ and/or ‘Clients a/c’ will only be 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.
f) All applications will be irrevocable after closing time.
3. PRICING GUIDELINES
The Accountant General will announce indicative pricing guidelines via a Press Release to be published on Wednesday, 2nd April 2014 consisting of an indicative range of spreads over the euro mid-swap rate, broadly reflecting the secondary market conditions with respect to the 3.2% Malta Government Stock 2019 (V) and the 4.45% Malta Government Stock 2032 (II).
4. 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 free-of-payment (FOP) clearing facility 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) It is the settled subscriber’s responsibility to ensure that a relevant Receive Free message for free receipt of the subscribed Stocks is raised in due time in the appropriate format of the Society of Worldwide Interbank Financial Telecommunication (SWIFT). Where for any reason, the FOP delivery over the MSE-CBF Link of the allotted Malta Government Stocks fails or remains outstanding for a period of time set at the MSE’s discretion, the same Stocks may be transferred off-market, in favour of a securities account opened in the name of the settled subscriber, without charge at the MSE’s Central Securities Depository (hereinafter the CSD), until the CSD receives further authenticated instructions. The supplied International Bank Account Number (IBAN) will be availed for the payment of any interests or other payments that may subsequently become due to the settled subscriber during such time that the Stocks remain credited in the said CSD account, on the relevant record date.
5. ALLOTMENT POLICY OF STOCK
Allocation of Stock will be made in the following order:
a) Bids will be allotted in descending order of price.Accepted bids will be allotted at the bid price. Bids above the lowest accepted price (the cut-off price) will be allotted in full.Bids equal to the lowest accepted price will be allotted in full or in part on a pro rata basis. The applicants will be informed of the allotment result of each stock within two hours immediately after the closing time of applications by auction.
b) Any amount allotted to the Government Funds will be at the cut-off rate.
6. OVER-ALLOTMENT OPTION
The Accountant General reserves the right to exercise an over-allotment option for an additional amount of € 20,000,000.
7. UNDERISSUANCE
The Accountant General reserves the right to accept bids for the full amount or any part thereof and to reject any bid or part thereof on any grounds whatsoever, notwithstanding that the aggregate amount on issue has not been taken up.
8. PAYMENT OF DIVIDENDS (INTEREST)
Dividend (interest) is payable half yearly in arrears on the:
a) (i) 31st day of January and the 31st day of July during the tenor of the 3.2% Malta Government Stock 2019 (V) and
(ii) 3rd day of March and the 3rd day of September during the tenor of the 4.45% Malta Government Stock 2032 (II).
b) (i) In the case of the 3.2% Malta Government Stock 2019 (V) Fungibility Issue, the first pro rata dividend (interest) payment covering the period from the 9th April, 2014 (the issue date) to the 30th July, 2014 (both dates inclusive) will be made at the rate of 0.998895 per cent on the 31st July, 2014;
(ii) In the case of the 4.45% Malta Government Stock 2032 (II) Fungibility Issue, the first pro rata dividend (interest) payment covering the period from the 9th April, 2014 (the issue date) to the 2nd September, 2014 (both dates inclusive) will be made at the rate of 1.777582 per cent on the 3rd September, 2014.
c) (i) Payment of dividend (interest) of each Stock will be made by credit transfer through the SEPA (Single Euro Payments Area) scheme in the IBAN (International Bank Account Number) account as advised on the application form.
(ii) If the interest date falls on a day other than a business day, interest payment will be made on the immediately following business day. A “business day” means a day other than a Saturday,a national or public holiday listed in sections 2 and 5 (1) of the National Holidays and other Public Holidays Act (Cap.252 of the Laws of Malta), a bank holiday as declared under section 3(2)(b) of the Banking Act (Cap.371 of the Laws of Malta) or a day when the Trans-EuropeanAutomated Real-time Gross settlement Express Transfer system (TARGET), owned and operated by the Eurosystem, is closed for business as may be published on European Central Bank’s website (www.ecb.europa.eu).
9. FUNGIBILITY
The Accountant General reserves the right to issue, in future, additional amounts of each of the present Stock in further tranches. In the event of such further issues these will be integrated with the respective existing Stock.
10. REDEMPTION OF STOCK
(i) The 3.2% Malta Government Stock 2019 (V) shall be redeemed at par on the 31st July, 2019.
(ii) The 4.45% Malta Government Stock 2032 (II) shall be redeemed at par on the 3rd September, 2032.
11. SECURITY
The Stock 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
a)Pursuant to the Financial Markets Act, Cap. 345, an application has been submitted to the Listing Authority for the bonds to be admissible to listing and to the Malta Stock Exchange for the bonds to be admitted to its Official List.
b) On the 31st July, 2014, after the payment of the first dividend (interest) as indicated in paragraph 8 (b) (i), any amount allotted under the 3.2% Malta Government Stock 2019 (V) Fungibility Issue shall be integrated with the existing issue of this Stock and thereafter shall be deemed to be one Stock.
c) On the 3rd September, 2014, after the payment of the first dividend (interest) as indicated in paragraph 8 (b) (ii), any amount allotted under the 4.45% Malta Government Stock 2032 (II) Fungibility Issue shall be integrated with the existing issue of this Stock and thereafter shall be deemed to be one Stock.
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 24-25th 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, and Directive by the Minister for Finance under articles 4 (1) (a) and 6 (1) of the said Ordinance, 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. 317
LAND REGISTATION ACT
Cap. 296
Notice of Intention to Register Titles to Land
NOTICE is hereby given that I have received the following applications to register titles to land described below from:
No. 318
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
25. 03. 2014€31.511€0.505