Go Back
Government Notices published in Govt. Gazette No. 19,280 of 15 July 2014
01/01/2014
No. 682
RESUMPTION OF DUTIES BY THE PRIME MINISTER
IT is notified for general information that the Hon. Joseph Muscat, KUOM, BCom., BA (Hons.), MA (European Studies), PhD (Bristol), MP, resumed duties as Prime Minister on Sunday, 13th July, 2014 and that the arrangements made by Government Notice No. 662 of the 9th July, 2014, ceased to have effect accordingly.
No. 683
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. 19,277 and 19,278 of the 9th and the 11th July, 2014 respectively.
L.N. 238 of 2014: Education Act (Cap. 327); Bye-Laws of 2014 in terms of the General Regulations for University Postgraduate Awards, 2008 for the Degree of Master of Science in Clinical Ethics and Law - M.Sc. under the auspices of the Faculty of Medicine and Surgery.
L.N. 239 of 2014: Education Act (Cap. 327); Bye-Laws of 2014 to amend the Bye-Laws of 2013 in terms of the General Regulations for University Postgraduate Awards, 2008 for the Degree of Master of Science in Project Management - M.Sc. Project Management - under the auspices of the Faculty for the Built Environment.
L.N. 240 of 2014: Education Act (Cap. 327); Doctor of Philosophy – Ph.D. - Degree (Amendment) Regulations, 2014.
L.N. 241 of 2014: Education Act (Cap. 327); Bye-Laws of 2014 in terms of the Professional Doctorate Degree Course Regulations, 2014 for the Degree of Doctorate in Pharmacy – Pharm.D. –under the auspices of the Faculty of Medicine and Surgery.
L.N. 242 of 2014: Education Act (Cap. 327); Professional Doctorate Degree Course Regulations, 2014.
L.N. 243 of 2014: Education Act (Cap. 327); Statute amending Statute 3 (Amendment No. 16) of the University of Malta – Courses of Studies, Degrees and Distinctions.
L.N. 244 of 2014: Education Act (Cap. 327); Statute for the European Centre for Educational Resilience and Socio- Emotional Health (Amendment).
L.N. 245 of 2014: Education Act (Cap. 327); Statute for the Centre for the Liberal Arts and Sciences.
L.N. 246 of 2014: Education Act (Cap. 327); Statute for the Institute of Space Science and Astronomy.
L.N. 247 of 2014: Malta Film Commission Act (Cap. 478); Financial Incentives for the Audiovisual Industry(Amendment) Regulations, 2014.
L.N. of 2014: Environment and Development Planning Act (Cap. 504); Development Notification (Amendment No. 2) Order, 2014.
No. 684
INCOME TAX MANAGEMENT ACT
CAP. 372
Notice in terms of Article 29
IN terms of the proviso to article 29(1) of the Income Tax Management Act, the Director General (Inland Revenue Department) hereby notifies the persons/companies listed hereunder to call at the Tax Audits Section/Tax Compliance Unit at Block 4 of the Inland Revenue Department, Floriana, within thirty days of this notice to collect the notices made on such persons/companies.
IsemReferenza
NameReference
Albert Xuereb419057M
Anthony Caruana330168M
Axia Holdings Limited (C34517)993560122
Dr Shaheryer Ghaznavi219698M
Emanuel Sultana16573G
Events Entertainment Limited (C53829)995612630
Isaac Mallia498176M
IT & T Limited (C26874)992723429
Mr Mark Gatt217470M
Mr Robert Micallef137874M
Mr Roberto C. Calleja6869A
Ms Caroline Mary Twiss37255A
Ms Hanane Boujemi 33195A
Ms Mariella Chircop St John360168M
RCB Consultants Company Ltd. (C33052)993417532
RG Limited (C24439)992462006
Yellowfun Limited (C17756) 991707507
No. 685
STATUTE LAW REVISION ACT, 1980
Appointment of Members of the Law Commission
IN exercise of the powers conferred by Article 3 of the Statute Law Revision Act, 1980 and for the purposes of that Act, the Minister for Justice, Culture and Local Government has approved that the Law Commission established by and under the aforesaid Act be composed as follows:
President
Dr Franco Debono
Members
Hon. Judge Emeritus Philip Sciberras
Prof. Kevin Aquilina
Prof. Ray Mangion
Dr Ramona Frendo
These appointments are for the period running between 28th May, 2014 and 31st May, 2015.
No. 686
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:-
Nru. tal-CondominiumIndirizz tal-CondominiumRimarkiData tar-Reġistrazzjoni
Condominium NumberAddress of CondominiumRemarksDate of Registration
108858, ‘Narcissus Court’, Reġistrazzjoni27/06/2014
Triq in-Nadur, tar-Regolamenti/
Wied il-GħajnRegistration of Rules
1090‘Thiene Court’, Reġistrazzjoni01/07/2014
Triq Milend, tar-Regolamenti/
ĦamrunRegistration of Rules
1091‘Sunflower Court’, Reġistrazzjoni01/07/2014
Triq il-Ġiżwiti, tar-Regolamenti/
Naxxar
Registration of Rules
Audrey Vassallo LLD
Land Registrar
No. 687
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
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) 2% Malta Government Stock 2020 (V), and
(ii) 4.1% Malta Government Stock 2034 (I).
2. APPLICATIONS
a) Applications open at 8.30 a.m. on Monday, 28th July, 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, 30th July, 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, 4th August, 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 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 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 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 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) (i) 26th day of March and the 26th day of September during the tenor of the 2% Malta Government Stock 2020 (V) and
(ii) 18th day of April and the 18th day of October during the tenor of the 4.1% Malta Government Stock 2034 (I).
b) (i) In the case of accepted applications submitted by members of the public under paragraph 2 (d) in respect of the 2% Malta Government Stock 2020 (V), the first pro rata dividend (interest) payment covering the period from the 4th August, 2014 (the issue date) to the 25th September, 2014 (both dates inclusive) will be made at the rate of 0.288043 per cent on the 26th September, 2014;
(ii)in the case of accepted bids/applications submitted by institutional investors under paragraphs 2 (e) and (f) in respect of the 2% Malta Government Stock 2020 (V), the first pro rata dividend (interest) payment covering the period from the 7th August, 2014 (the issue date) to the 25th September, 2014 (both dates inclusive) will be made at the rate of 0.271739 per cent on the 26th September, 2014;
(iii) in the case of accepted applications submitted by members of the public under paragraph 2 (d) in respect of the 4.1% Malta Government Stock 2034 (I), the first pro rata dividend (interest) payment covering the period from the 4th August, 2014 (the issue date) to the 17th October, 2014 (both dates inclusive) will be made at the rate of 0.840164 per cent on the 18th October, 2014;
(iv) in the case of accepted bids/applications submitted by institutional investors under paragraphs 2 (e) and (f) in respect of the 4.1% Malta Government Stock 2034 (I), the first pro rata dividend (interest) payment covering the period from the 7th August, 2014 (the issue date) to the 17th October, 2014 (both dates inclusive) will be made at the rate of 0.806557 per cent on the 18th October, 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).
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 2% Malta Government Stock 2020 (V) shall be redeemed at par on the 26th September, 2020.
(ii) The 4.1% Malta Government Stock 2034 (I) shall be redeemed at par on the 18th October, 2034.
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 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 26th September, 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 2% Malta Government Stock 2020 (V) shall be integrated and thereafter both shall be deemed to be one Stock.
c) On the 18th October, 2014, after the payment of the first dividend (interest) as indicated in paragraphs 7 (b) (iii) and 7 (b) (iv), any amount allotted under the 4.1% Malta Government Stock 2034 (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:
(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.
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.
15th July 2014
No. 689
GOLDSMITHS AND SILVERSMITHS
CAP. 46
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:–
DatePure GoldPure Silver
GramsGrams
15.7.14€31.892€0.533