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Government Notices published in Govt. Gazette No. 19,255 of 23rd May 2014
01/01/2014
No. 482
APPOINTMENT OF DIRECTORS GENERAL AND DIRECTORS
IN exercise of the powers vested in him by Article 92 (4) and Article 110 of the Constitution of Malta, the Prime Minister, after consultation with the Public Service Commission, appointed the undermentiond public officers as shown hereunder:
Effective Date
OFFICE OF THE PRIME MINISTER
Mr John GaleaDirector (Printing Press), 09.06.2014
Support Services Division
MINISTRY FOR EDUCATION AND EMPLOYMENT
Mr Ian MifsudDirector General (Quality and Standards08.05.2014
M Ed(Educ Lead), PGDEAM, B Ed(Hon)in Education)
Mr Gaetano BugejaDirector (Curriculum Management),08.05.2014
M Ed (Sc Ed), B Ed (Hons).Directorate for Quality and Standards
in Education
Mr George A Said ZammitDirector (Student Services),08.05.2014
BA, MA (Durham), PGDEAMDirectorate for Educational Services
MINISTRY FOR FINANCE
Ms Marisa PisaniDirector (Corporate Services),08.05.2014
Strategy and Support
Services Division
Mr Joseph ChetcutiDirector (Excise), Customs Department08.05.2014
DPA (Melit)
Mr Stefano ManicoloDirector (Debt Management),08.05.2014
F.C.C.A., M.A. (Fin. Serv.),Treasury Department
F.I.A., C.P.A.
MINISTRY FOR ENERGY AND HEALTH
Ms Michelina GaleaDirector (Health Care Funding)08.05.2014
MBA (Leicester), PQD Nurs.&Mid. Educ,
SM,SN
MINISTRY FOR THE FAMILY AND SOCIAL SOLIDARITY
Ms Carmen ButtigiegDirector (Social Welfare Standards) 08.05.2014
M.A., B.A., Dip.App.Soc.Stud.,
Dip.Ges.Psy.
No. 483
WARRANT BY THE MINISTER FOR JUSTICE, CULTURE AND LOCAL GOVERNMENT
IT is notified that, in exercise of such powers as provided by Article (3) of the Commissioners for Oaths Ordinance (Cap. 79), the Minister for Justice, Culture and Local Government appointed as Commissioner for Oaths, whilst performing such functions and as long as they continue in that capacity, and/or for the period indicated in the same appointment, whichever is the earlier, the undermentioned:
Government Property Department
Ms Charmaine Borg
Mr Ronald Psaila
By Authority
Owen Bonnici
Minister for Justice,
Culture and Local
Government
No. 484
MALTA TREASURY BILLS ACT
CAP. 133
Notice of Issuance Calendar
The following calendar shows the tenor of individual weekly issues of Treasury bills for the month of June 2014 and is published by the Accountant General in terms of regulation 5 of the Malta Treasury Bills (Dematerialisation) Regulations, 2007 of Legal Notice No. 59 of 2007:
No. 485
PROSPECTUS
i) on the Treasury’s website: (www.treasury.gov.mt
ISSUE OF AN AGGREGATE OF EURO 100,000,000 MALTA GOVERNMENT STOCKS
Subject to an Over-Allotment Option of Euro 80,000,000 in the event of over-subscription
Authorised under the Budget Measures Implementation (2014) Act (Cap.531) and the Local Loans (Registered Stock and Securities) Ordinance, (Cap. 161)
1.ISSUANCE OF STOCK
This prospectus is being published in connection with the issue of 4.3% Malta Government Stock 2033 (I).
(a) The Accountant General is offering an aggregate Euro 100,000,000 of Malta Government Stocks which are being offered and made available in any one or any combination of the following Stocks:
(i) 4.3% Malta Government Stock 2033 (I), and
(ii) Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor.
(b) The prospectus regulating Floating Rate Malta Government Stock 2018 (VII)linked to the six-month Euribor is published concurrently with this prospectus.
2. APPLICATIONS
a)Applications open at 8.30 a.m. on Monday 2nd June, 2014 and close on the time and dates as hereunder, or earlier at the discretion of the Accountant General:
(i) at 5.00 p.m. on Wednesday 4th June, 2014 for applications by any single and/or joint applicants which in the aggregate do not exceed €100,000 per person, and
(ii) at noon on Monday 9th June, 2014 for applications in the form of sealed bids (auction) under paragraphs 2(e) and 2(f).
b)All applications are to be made in multiples of €100 on the prescribed form.
c)Application forms may be downloaded from Treasury’s website (www.treasury.gov.mt) or obtained from, and lodged at, all Members of the Malta Stock Exchange and other authorised Investment Service Providers.
d) Applications by any single and/or joint applicants, which in the aggregate must not exceed €100,000 per person, shall be at a price to be established and announced to the Malta Stock Exchange and published in daily local newspapers three (3) days prior to opening of the applications. Applicants under this category are precluded from bidding also under paragraphs (e) and (f) below.
e) Applications by any single applicant, which in the aggregate are over €100,000, but do not exceed €500,000, shall be in the form of sealed bids for a minimum of €100,100 each. Applicants under this category are precluded from applying also under paragraphs (d) and (f).
f) Applications by any single applicant, which in the aggregate exceed €500,000, shall be in the form of sealed bids for a minimum and multiples of €500,000 each. Applicants under this category are precluded from applying also under paragraphs (d) and (e).
g) Bids on the prescribed forms are to be deposited at the Treasury Tender Box - Floriana or transmitted by fax on 2596 7210 or by e-mail at the e-mail addresses indicated on the application forms.
h) Applications by minors will only be accepted if signed by a legal guardian.
i) 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.The amount applied for by any single person, and/or two or more persons as joint applicants, listed under the ‘Nominee a/c’ and/or ‘Clients a/c’ must not exceed €100,000 per person.
j) All applications will be irrevocable after closing time.
3. 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 under paragraphs 2 (e) and (f) above, 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.
4. ALLOTMENT POLICY OF STOCK
Allocation of Stock will be made in the following order:
a) applications by auction will be considered after applications at the Offer Price per €100 nominal are exhausted.
b)In the event that the original sum on issue is over-subscribed, the Treasury reserves the right to:
(i) exercise the over-allotment option at paragraph (5) by issuing further stocks; and
(ii) first allocate and satisfy the applications to applicants falling under paragraph (2) (d).
c)In case that notwithstanding the exercise of the over-allotment option there still remains applications which are unsatisfied, then the Treasury will scale down applications as deemed appropriate.
d) Bids at the last rate accepted by more than one applicant will be allotted in proportion to the amount of the bids. The allotment results to applicants whose applications are in the form of sealed bids (auction) will be determined and announced within two hours immediately after the closing time of applications by auction.
e)Any amount allotted to the Government Funds will be at the cut-off rate.
5.OVER-ALLOTMENT OPTION
The Accountant General reserves the right to exercise an over-allotment option for an additional amount of €80,000,000.
Refunds of applications, which are not wholly allotted, will be effected before the issue of the relevant Registration Advices.Such refunds will be paid by credit transfer through SEPA (Single Euro Payments Area) in the IBAN (International Bank Account Number) account indicated in the respective application form for the payment of dividend (interest).
6. 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.
7.PAYMENT OF DIVIDENDS (INTEREST)
Dividend (interest) is payable half yearly in arrears on the:
a) 1st day of February and the 1st day of August during the tenor of the 4.3% Malta Government Stock 2033 (I).
b) (i) In the case of accepted applications submitted by members of the public under paragraph 2 (d) in respect of the 4.3% Malta Government Stock 2033 (I), the first pro rata dividend (interest) payment covering the period from the 9th June, 2014 (the issue date) to the 31st July, 2014 (both dates inclusive) will be made at the rate of 0.629558 per cent on the 1st August, 2014;
(ii)in the case of accepted bids/applications submitted by institutional investors under paragraphs 2 (e) and (f) in respect of the 4.3% Malta Government Stock 2033 (I) the first pro rata dividend (interest) payment covering the period from the 12th June, 2014 (the issue date) to the 31st July, 2014 (both dates inclusive) will be made at the rate of 0.593923 per cent on the 1st August, 2014.
c) (i) Payment of dividend (interest) will be made by credit transfer through theSEPA (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).
8. FUNGIBILITY
The Accountant General reserves the right to issue, in future, additional amounts of the present Stock in further tranches. In the event of such further issues these will be integrated with the existing Stock.
9.REDEMPTION OF STOCK
The 4.3% Malta Government Stock 2033 (I) shall be redeemed at par (100) on the 1st August, 2033.
10.SECURITY
The Stock and dividend (interest) thereon will be a charge on the General Revenue and Assets of the Government of Malta.
11.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 bond to be admissible to listing and to the Malta Stock Exchange for the bond to be admitted to its Official List.
b) On the 1st August, 2014, after the payment of the first dividend (interest) as indicated in paragraphs 7 (b) (i) and 7 (b) (ii), any amount allotted under the 4.3% Malta Government Stock 2033 (I) shall be integrated and thereafter both shall be deemed to be one Stock.
12. 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:
(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.
13.RELEVANT LEGISLATION
The Budget Measures Implementation (2014) Act (Cap. 531), 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. 486
PROSPECTUS
ISSUE OF AN AGGREGATE OF EURO 100,000,000 MALTA GOVERNMENT STOCKS
Subject to an Over-Allotment Option of Euro 80,000,000 in the event of over-subscription
Authorised under the Budget Measures Implementation (2014) Act (Cap.531) and the Local Loans (Registered Stock and Securities) Ordinance, (Cap. 161)
1.ISSUANCE OF STOCK
This prospectus is being published in connection with the issue of Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor.
a) The Accountant General is offering an aggregate Euro 100,000,000 of Malta Government Stocks which are being offered and made available in any one or any combination of the following Stocks:
(i) 4.3% Malta Government Stock 2033 (I), and
(ii) Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor.
b) The prospectus regulating 4.3% Malta Government Stock 2033 (I) is published concurrently with this prospectus.
2. BIDS
a)Applications in the form of sealed bids (auction) open at 8.30 a.m. on Monday, 2nd June, 2014 and close at noon on Monday, 9th June, 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. 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.
4. ALLOTMENT POLICY OF STOCK
Allocation of Stock will be made in the following order:
a) The actual amount out of Euro 100,000,000 allotted to the Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor, will bedetermined after the value of applications received at the offer price per €100nominal for 4.3% Malta Government Stock 2033 (I) are exhausted.
b) 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 allottedin full or in part on a pro rata basis. The applicants will be informed of the allotment result of the Stock within two hours immediately after the closing time of applications by auction.
c)Any amount allotted to the Government Funds will be at the cut-off rate.
5.OVER-ALLOTMENT OPTION
The Accountant General reserves the right to exercise an over-allotment option for an additional amount of €80,000,000 in the event that the value of the applications of the Stocks is in excess of the combined aggregate amount of Euro 100,000,000.
6. 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 amount on issue has not been taken up.
7. INTEREST RATE AND INTEREST DETERMINATION DATES
a) The initial interest rate in respect of the Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor is equal to the six-month Euribor issued by Euribor-EBF (www.euribor-ebf.eu), in effect on Tuesday 10th June, 2014 and as displayed on the Reuters page EURIBOR01 for 6 Month Euribor at or around 11H00 CET at (www.reuters.com), plus a spread of 90 basis points (bps).
b) The spread of 90bps shall remain fixed until maturity of the Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor.
c) The initial interest rate in respect of the Stock mentioned at paragraph 7 (a) above will be communicated to the Malta Stock Exchange and published through a press release by the Department of Information on Wednesday, 11th June, 2014.
d) The initial interest rate will be applied for any secondary market transactions for the calculation of any accrued interest from the settlement (issue) date up to, but not including, the first interest payment date. Thereafter, the interest rate applied for the calculation of accrued interest of the Stock will correspond to the relevant interest rate as reset, under paragraph 7 (e) below, each time prior to the beginning of the applicable six monthly interest period.
e)After the initial interest period, the interest rate of the Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor will be reset semi-annually in accordance with the applicable six-month Euribor rate ineffect on the applicable interest determination date, which is two (2) business days prior to 12th June and 12th December of each year, plus a spread of 90bps.
f) In case Euribor is not available on account of market disruption the last available Euribor rate available before such disruption shall apply.
8.PAYMENT OF DIVIDENDS (INTEREST)
a) Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor will bear interest on the nominal value at par (100.00) at an interest rate linked to the six-month Euribor in effect on the applicable interestdetermination date, plus a spread of 90bps.
b) Dividend (interest) is payable half yearly in arrears on the 12th June and 12th December of each year during the tenor of the Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor.
c)Interest for each period will be based on Day Count Fraction of Actual/360.
d) The first dividend (interest) payment of the Stock covering the period from 12th June, 2014 the settlement (issue) date and 11th December, 2014 (both dates inclusive) will be made on the 12th December, 2014at the initial interest rate as determined under paragraph 7 (a) above.
e) (i) Payment of dividend (interest) 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 the present Stock in further tranches. In the event of such further issues these will be integrated with the existing Stock.
10.REDEMPTION OF STOCK
The Floating Rate Malta Government Stock 2018 (VII) linked to the six-month Euribor shall be redeemed at par (100) on the 12th December, 2018.
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
Pursuant to the Financial Markets Act, Cap. 345, an application has beensubmitted to the Listing Authority for the Stock to be admitted to the OfficialList and for trading on the Malta Stock Exchange.
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 Budget Measures Implementation (2014) Act (Cap. 531), 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. 487
Ministry for Sustainable Development, the Environment and Climate Change
Scientific Commission for the Control of the Red Palm Weevil
Amendment
It is hereby notified that, with reference to Government Notice No. 478 published in Government Gazette dated 4th June, 2013, Mr Duncan Xuereb is to substitute Ms Josianne Muscat as member in the Scientific Commission for the Control of the Red Palm Weevil.
No. 488
NOTARIAL PROFESSION AND NOTARIAL ARCHIVES ACT
CAP. 55
Partial Inability
IT is hereby notified that by a decree dated the 25th April 2014, the Court of Revision of Notarial Acts ordered the partial inability of Notary Doctor Carmelo Lia, LL.D., until such time as he complies with the Court Decree.
No. 489
CASUAL ELECTION 2014
IN-NAXXAR
Declaration of Result of a Casual Election
WE, the undersigned, Electoral Commissioners at the Casual Election of a Councillor, held on the 19th day of May, 2014, to fill the seat vacated by Bonnici Louis, an elected Councillor for the said locality, do hereby give notice that the ballot papers in the sealed parcel of the vacating Councillor were duly examined and transferred according to the validly nominated candidate and that the result is as shown hereunder:–
No. 490
CONDOMINIUM ACT
Cap. 398
Notice is hereby given that I have received an application for the registration of and/or amendment to rules regulating the following condominia:-
Condominium NumberAddress of CondominiumRemarksDate of
Registration
1037‘Eureka Court’, Blokk A ‘Owners’Registration of 06/05/2014
Association’,Rules
500, Triq il-Kbira,
Mosta.
The address of this Condominium bearing number 1037 replaces the same address bearing the same number published under Government Notice No. 477 in Government Gazette No. 19,253 dated 19th May, 2014.
Audrey Vassallo LLD
Land Registrar
No. 491
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
23.5.14€30.649€0.480