Government Notices published in Govt. Gazette No. 19,653 of 07 October 2016

THE President of Malta has been pleased to approve the transfer of Lieutenant Marlon Vassallo from the Regular Force of the Armed Forces of Malta to the Individual Reserve Force, on resignation, with effect from 28th October, 2016.

THE  President of Malta has been pleased to approve the transfer of Colonel George Galea from the Regular Force of the Armed Forces of Malta to the Individual Reserve Force, on retirement, with effect from 3rd October, 2016.

DIALOGUE, CONSUMER AFFAIRS

AND CIVIL LIBERTIES

Appointment of Gozo Regional Committee

IN terms of Article 6A of the Malta Council for Economic and Social Development Act (Cap. 431) and Article 3 of Legal Notice 431.02 on  the Malta Council for Economic and Social Development Act (Gozo Regional Committee) Regulations, the Prime Minister has approved the appointment of the Gozo Regional Committee for a period of two years, commencing on 28th September 2016, as follows:

Members

Mr Joseph G. Grech (Deputy Chairperson) - Gozo Business Chamber

Mr Michael F. Galea - Gozo Business Chamber

Mr Paul Scicluna - Gozo Tourism Association

Mr Joe Muscat (Chairperson) - Gozo Tourism Association                       

Dr Samuel Azzopardi - Local Councils Gozo Region

Mr Joe Cordina - Local Councils Gozo Region

Mr Mario Azzopardi - Local Councils Gozo Region

Ms Margaret Formosa - General Workers Union

Dr Anselm Psaila - Confederation of Malta Trade Unions

Mr Joseph Sultana - Union Ħaddiema Magħqudin

Mr Michael Galea - GRTU, Malta Chamber of Small and Medium Enterprises

Mr Paul Curmi - Gozo Diocese

Ms Esther Bajada - Ministry for Gozo

Ms Maria Dimech - Gozo University Group

Mr Ryan Bajada - Gozo NGO Association

Mr Ryan Mercieca - Gozo NGO Association  

Mr Saviour Grech - Gozo NGO Association

Mr Chris Attard - For.U.M 

Substitute Members

Mr Joseph Borg - Gozo Business Chamber

Mr Anthony E. Bezzina - Gozo Business Chamber

Mr Mario Loporto - Gozo Tourism Association

Mr Mark Busuttil - Gozo Tourism Association

Mr Nicky Saliba - Local Councils Gozo Region

Mr Paul Azzopardi - Local Councils Gozo Region

Mr David Apap Agius - Local Councils Gozo Region

Ms Carmen Bajada - General Workers Union

Mr George Scerri - Confederation of Malta Trade Unions

Mr Daniel Cordina - Union Ħaddiema Magħqudin

Mr Peter Hili - GRTU, Malta Chamber of Small and Medium Enterprises

Mr Antoine Vassallo - Gozo Diocese

Ms Daniela Sabino - Ministry for Gozo

Ms Rachel Galea - Gozo University Group

Mr Adrian Formosa - Gozo NGO Association

Mr Eman Borg - Gozo NGO Association

Mr Joe Camlleri- Gozo NGO Association

Mr Mark Cini - For.U.M

THE Minister for Home Affairs and National Security  has been pleased to approve the promotion of the under mentioned to the rank of Major with effect from 1st July, 2016.

Captain Mercieca Carmel                         

Captain Magri Joseph

Door numbering PDF

GENERAL (CUSTOMS)

THE Permanent Secretary in the Ministry for Finance has approved the following acting appointment:

NAME   POSITION  DEPARTMENT  DATE

Mr Anthony Busuttil Director General Customs  9 -12.10.2016

LOCAL GOVERNMENT

THE Permanent Secretary within the Ministry for Justice,  Culture and Local Government has approved the following acting appointment:

NAME   POST   DEPARTMENT  DATE

Mr Silvio Frendo Acting Director Local Government 5 - 6.10.2016           10 - 13.10.2016 

Issue of an Aggregate of

Euro 100,000,000

Malta Government Stocks

Subject to an Over-Allotment Option

of Euro 60,000,000 in the event of

over-subscription

Authorised under the Budget Measures

Implementation Act (2016) (Cap. 554) and

the Local Loans (Registered Stock and Securities)

Ordinance, (Cap. 161)

1. ISSUANCE OF STOCK

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) 1.5% Malta Government Stock 2022 (IV) Fungibility Issue, and

(ii) 2.1% Malta Government Stock 2039 (I).

2. APPLICATIONS

a) Applications open at 8.30 a.m. on Monday, 17th October, 2016 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 19th October, 2016 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, 24th October, 2016 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 in any or each of the two Stocks, shall be at a price to be established for each Stock. Such Offer Price for each Stock will be 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 in any or each of the two Stocks, 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 in any or each of the two Stocks, 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 application forms are to be transmitted by fax on 2596 7210 or by e-mail at the e-mail addresses indicated on the application form or deposited at the Treasury Tender Box at the Treasury’s premises in Floriana.

 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 in any or each of the two Stocks.

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 for each Stock by more than one applicant will be allotted in proportion to the amount of the bids for each respective Stock. The allotment results of each Stock to applicants whose applications are in the form of sealed bids (auction) will be determined and announced 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 and allocate an additional amount of up to a maximum of € 60,000,000.

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 the Single Euro Payments Area (SEPA) scheme in the International Bank Account Number (IBAN) indicated in the respective application form for the payment of 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 INTEREST

 Interest is payable half yearly in arrears on the:

 (i)  11th day of January and the 11th day of July during the tenor of the 1.5%  Malta Government Stock 2022 (IV); and

(ii) 24th day of February and the 24th day of August during the tenor of the 2.1% Malta Government Stock 2039 (I).

b) (i) In the case of accepted applications submitted by members of the public under paragraph 2 (d) in respect of the 1.5% Malta Government Stock 2022 (IV) Fungibility Issue, the first pro rata interest payment covering the period from the 24th October, 2016 (the issue date) to the 10th January, 2017 (both dates inclusive) will be made at the rate of 0.322011 per cent on the 11th January, 2017;

(ii)  in the case of accepted bids/applications submitted by institutional investors under paragraphs 2 (e) and (f) in respect of the 1.5% Malta Government Stock 2022 (IV) Fungibility Issue, the first pro rata interest payment covering the period from the 26th October, 2016 (the issue date) to the 10th January, 2017 (both dates inclusive) will be made at the rate of 0.313859 per cent on the 11th January, 2017;

(iii) in the case of accepted applications submitted by members of the public under paragraph 2 (d) in respect of the 2.1% Malta Government Stock 2039 (I), the first pro rata interest payment covering the period from the 24th October, 2016 (the issue date) to the 23rd February, 2017 (both dates inclusive) will be made at the rate of 0.701902 per cent on the 24th February, 2017;

(iv) in the case of accepted bids/applications submitted by institutional investors under paragraphs 2 (e) and (f) in respect of the 2.1% Malta Government Stock 2039 (I), the first pro rata interest payment covering the period from the 26th October, 2016 (the issue date) to the 23rd February, 2017 (both dates inclusive) will be made at the rate of 0.690489 per cent on the 24th February, 2017.

c) (i) Payment of interest of each stock will be made by credit transfer through the Single Euro Payments Area (SEPA) scheme in the International Bank Account Number (IBAN) as indicated 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-European Automated 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 each of the present Stock in further tranches. In the event of such further issues these will be integrated with the respective existing Stock.

9. REDEMPTION OF STOCK

 (i) The 1.5% Malta Government Stock 2022 (IV) shall be redeemed at par on the 11th July, 2022.

 (ii) The 2.1% Malta Government Stock 2039 (I) shall be redeemed at par on the 24th August, 2039.

10. SECURITY

The Stock and 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 for Admission to Listing of each Stock has been submitted to the Listing Authority for the Stocks to be placed on the Official List and to be admitted for trading on the Malta Stock Exchange.

b) On the 11th January, 2017, after the payment of the first interest as indicated in paragraphs 7 (b) (i) and 7 (b) (ii), any amount allotted under the 1.5% Malta Government Stock 2022 (IV) Fungibility Issue shall be integrated with the existing issues of this Stock and thereafter shall be deemed to be one Stock.

c) On the 24th February, 2017, after the payment of the first interest as indicated in paragraphs 7 (b) (iii) and 7 (b) (iv) any amount allotted under the 2.1% Malta Government Stock 2039 (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 the Stock, such as a reduction in the principal or interest payable on the 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 24th and 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 (CACs). 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 Act (2016) (Cap. 554), 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.


SILVERSMITHS

ACT

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:

 Date Pure Gold Pure Silver

  Grams Grams

 7.10.2016 €36.868 €0.542