malta association of small shareholders - mass vo 0629€¦ · malta association of small...

SHAREHOLDER’S NEWSDiċembru 2015 Ħarġa Nru.15

11

NEWSPAPERPOST

Diċembru 2015 Ħarġa Nru.15

Editur: Saviour Buttigieg Issettjat: Tarcisio Barbara Disinn tal-Logo u Stampat: Print Right Ltd. - Qormi

Il-President u l-Membri tal-Kumitat tal-MASS jixtiequ jawguraw il-Milied it-tajjeb u

s-Sena 2016 mimlija ġid, hena u risq lill-membri u l-familjari kollha.

Kull ma jinkiteb f’dan il-fuljett mhux bilfors

jirrifletti l-fehma tal-Membri

tal-Kumitat tal-MASS.

SHAREHOLDER’S NEWSMalta Association of Small Shareholders - MASS VO 0629c/o 11, Chelsea Flat 6. Triq l-Għabex, San Pawl il-Baħar. SPB 3215website: mass.org.mt email:[email protected] tel. 2157 6411 mob. 7984 2964

Indirizz

EditorjalSinjuri membri u ħbieb,

Wasal l-aktar avveniment importanti għall-Assoċjazzjoni: il-Laqgħa Ġenerali Annwali (LĠA) li se ssir nhar it-Tlieta, 26 ta’ Jannar 2016. Il-membri tal-Assoċjazzjoni għandhom jagħtu importanza kbira għal din il-laqgħa u għalhekk hemm il-bżonn li kulħadd jattendi għaliha. Inħeġġu ukoll biex ikollna min jikkontesta l-elezzjoni għall-Kumitat. Issibu l-Formola għan-Nomini f’din il-ħarġa. L-aħjar mod kif l-Assoċjazzjoni żżomm kuntatt personali mal-membri hu fil-konferenzi pubbliċi. Dik li jmiss se ssir nhar it-Tlieta, 15 ta’ Diċembru. (ara dettalji ġewwa).Hu ta’ sodisfazzjon u ta’ kuraġġ għall-Kumitat meta membri jkellmuna jew jiktbulna biex jagħtu opinjoni jew suġġerimenti biex intejbu s-servizz tagħna favur r-Retail Investor. Id-djalogu hu importanti ħafna biex tikber il-fiduċja u l-koperazzjoni bejnietna.F’għeluq tas-Sena, nagħtu Xewqat Sbieh lilkom u lill-familji tagħkom u nittamaw li l-2016 tkun sena aħjar f’kollox.

Lawrence Mifsud.

SHAREHOLDER’S NEWS Diċembru 2015 Ħarġa Nru.15

2

The announcement in mid-January that International Hotel Investments had entered into a conditional agreement to acquire Island Hotels Group Holdings plc caught many investors by surprise. The deal was concluded only recently and IHI acquired 100 per cent of the issued share capital of Island Hotels. As a result, IHG shares will be delisted from the Malta Stock Exchange.

Concurrently, with the initial announcements from IHI and IHG earlier this year, another voluntary bid took place after KPMG had launched a public takeover offer at the end of 2014 for the entire issued share capital of Crimsonwing. KPMG also managed to acquire all the shares of the IT company following the squeeze-out of some shareholders and Crimsonwing was delisted in May 2015.

Following these developments many investors began to realise that some of the companies listed on the Exchange may also be involved in merger and acquisition (M&A) activity similar to what many companies experience across the international financial markets. Such M&A deals dominate international business headlines on a regular basis.

Another unexpected announcement took place on July 23, when GO plc announced that its majority shareholder, Emirates International Telecommunications Malta Ltd (EITML), expressed its intention to dispose of its 60 per cent shareholding in the ‘short-term’.

This company announcement was made the morning after a general meeting was held to enable GO to spin-off its property division into a separate listed entity on the MSE by virtue of a special dividend ‘in kind’ to all shareholders of GO. The share price dropped rapidly in the aftermath of the surprise announcement of July 23 and only began to recover after a press release was issued by Emirates International a few days later, clarifying that the process to dispose of its stake in GO had just been initiated and it had not yet approached or identified any buyer.

GO’s majority shareholder also indicated that it will retain its stake in the property company after the planned spin-off since this business was aligned with the core real estate focus of Dubai Holding (the ultimate parent company of Emirates International). The equity of GO regained its multi-year high of €3.60 shortly after the publication of the June 2015 interim financial statements showing a 4.9 per

Significant developments taking place across local stock market October 01, 2015 Edward Rizzo


3

cent rise in EbITDA to €25.5 million and a 53 per cent jump in pre-tax profits to €13 million. Last week, GO announced that it will be convening an extraordinary general meeting on October 29 during which shareholders will be asked to authorise the board of directors to seek bids for the entire issue share capital of GO and to take all steps necessary to expedite such bids.

As is customary in such cases, shareholders will also be asked to authorise the board of directors to make disclosures, including unpublished price sensitive information, which the directors may consider necessary for any bona fide bidders to complete their respective bids. In the coming days, all shareholders of GO will be receiving the admission form together with an explanatory circular on the resolutions being placed on the agenda.

Many investors seem to be concerned at the indication that bids will be required for the ‘entire issued share capital’. This is necessary since EITML holds 60 per cent of GO and in line with Chapter 11 of the Listing Rules dealing with ‘Takeover bids’, once a shareholder acquires an excess of 50 per cent, a bid will need to be made to all other shareholders. Chapter 11 of the Listing Rules also establishes the criteria upon which the price should be determined. As such, any bidder for the 60 per cent stake held by EITML must also be in a position to acquire a larger stake and possibly also the entire issue share capital should other shareholders tender their shares for sale and the 90 per cent threshold is exceeded. Should this be the case, it would trigger the squeeze-out process and the eventual de-listing of GO plc shares.

Any bidder for the 60 per cent stake held by EITML must also be in a position to acquire… the entire issue share capital should other shareholders tender their shares for sale

Another similar announcement which must have also surprised many was that made by Medserv on September 17. The company will also be convening an extraordinary general meeting on October 12 to authorise its board of directors to disclose the required information (including unpublished price sensitive information) to potential investors. Medserv’s shareholders have already received the admission form and the explanatory circular. Medserv’s directors noted that the resolutions will enable them to provide information to persons showing an interest in acquiring a substantial shareholding in the company.

In terms of the Listing Rules, a substantial shareholder is one holding 10 per cent or more of the issued share capital of a company. The situation at Medserv seems to be different to that at GO since none of the large shareholders (the two largest shareholders hold 37.5 per cent each) of Medserv have so far indicated their


4

intention to dispose of their shares.

Moreover, in the half-year financial report published on August 27, Medserv indicated that it is actively searching for additional opportunities particularly in Portugal, Egypt and the Middle East and therefore the authorisations being sought may be linked to the company’s international expansion strategy. During the upcoming meeting, shareholders have the opportunity to ask for clarifications on the motive behind the EGM and the likely resultant developments that may take place in the months ahead following the approval of the resolution.

In addition to the upcoming developments at Medserv and GO – whose outcome is still very uncertain – other similar developments are taking place in two other listed companies. The developments at Global Capital over recent months have been amply documented and similar corporate actions could possibly take place due to the capital injection required ahead of the new solvency rules for insurance companies coming into force in 2016 as well as the redemption of their €13.8 million bond.

Furthermore, the situation of the largest shareholder of Lombard bank Malta is also known to all and earlier this year it was announced that the Investment bank of Greece had been appointed to act as financial adviser to the Special Administrator of Cyprus Popular bank Public Company Ltd in connection with potential transactions involving the disposal of the stakes of Cyprus Popular bank in financial institutions in various countries including Malta. Once the process gathers momentum, other announcements and possibly similar shareholder meetings may also have to be called by Lombard bank.

Following the delistings of both Crimsonwing and Island Hotels, only 20 companies now have their shares listed on the Official List of the Exchange. Should other companies mentioned above suffer the same fate, this would reduce further the equity investment choices available locally. This would be a great concern for investors at a time when they are clearly more willing to invest in securities listed on the Malta Stock Exchange. This is evidenced by the surge in trading activity on the secondry market this year with over €59 million worth of shares changing hands since the start of 2015 compared to €38.5 million during the first three quarters of 2014.

It is true that the spin-off of GO’s property division by the end of this year will create another listed equity and Simonds Farsons Cisk plc will be performing a similar spin-off in mid-2017. However, the shares in these new companies will be distributed to existing shareholders of the respective companies and thus no offer


5

of shares will be made to the public at large.

Many more shares and bonds need to be listed on the Malta Stock Exchange to help deepen the capital market and provide both retail and institutional investors with sufficient alternative investments to achieve a properly diversified portfolio while also meeting their investment objectives. The low interest rate scenario across Europe is likely to persist for years to come and this will heighten demand for tradeable securities, especially those providing regular income streams.

A deeper capital market is also needed to achieve a more efficient financial market which ultimately is an important driver of economic growth.

Edward Rizzo is a director at Rizzo, Farrugia & Co. (Stockbrokers) Ltd.

Roadmap għall-Malta Stock Exchange October 21, 2015

Artiklu minn Edward Rizzo maqlub ghall-Malti minn Saviour Buttiġieġ

Waqt id-diskors tal-baġit, il-Ministru tal-Finanzi, l-Onorevoli Edward Scicluna, ħabbar li l-borża ta’ Malta u l-Ministeru tal-Finanzi waqqfu kumitat bejniethom biex ifasslu pjan kif isaħħu u jkomplu jkabbru s-suq finanzjarju lokali. Il-Ministru irrivela li dan il-grupp ta’ esperti diġà bdew jiddiskutu dan il-pjan li qed jiġi mfassal biex jinkludi ir-regoli u d-direttivi ġodda tal-UE kif ukoll it-twaqqif ta’ ‘Capital Market Union’ (jiġifieri suq finanzjarju wieħed fl-Ewropa, li jkun iktar miftuh għal kompetizzjoni fejn l-Ewropa tkun vera qisha pajjiż wieħed) mill-Kummissjoni Ewropea.

Li jiġi mfassal pjan strateġiku għal borża ta’ Malta hu żvilupp tajjeb ħafna. Dan qed jiġri fi stadju vera delikat għas-suq finanzjarju lokali. Kif diġà ktibt fil-ġimgħat li għaddew, wara li l-Crimsonwing plc u l-Island Hotels Group Holdings plc ma baqgħux kwotati fuq il-borża ta’ Malta, baqa’ biss 20 kumpanija li qed jiġu kwotati uffiċjalment. Kif wieħed jista’ jinnota minn xi stqarrijiet ta’ diversi kumpaniji, aktarx jista’, alla ħares qatt, jiġri l-istess ħaġa għal diversi kumpaniji oħra u b’hekk is-suq Malti tal-ishma jkompli jiċkien iżjed.

Għalhekk, jekk wiehed iqis dan u l-fatt li l-borża ta’ Malta tiddependi l-iżjed fuq il-flus li ddaħħal mill-kumpaniji li jiġu kwotati minnha għall-introjtu tagħha, pjan kif jista’ jiżdied in-numru ta’ kumpaniji kwotati uffiċjalment għandu jkun parti ewlenija minn dan it-tfassil strateġiku. L-aħħar ħruġ ta’ ishma għall-pubbliku kien dak ta’ Tignè Mall plc fl-2013 u qabel dak ta’ Malita Investments plc li kien fl-2012. Iż-żieda ta’ żewġ kumpaniji biss fi tliet snin hi progress kajman wisq. Din iż-żjieda


6

verament ċkejkna ta’ żewġ kumpaniji tista’ tkun dovuta għal xi regoli stretti wisq għal xi uħud mil-kumpaniji u għalhekk hemm bżonn li dawn jiġu riveduti biex iħajru jktar kumpaniji jaqilbu pubbliċi. “... il-privatazzjoni tal-borża ta’ Malta... hija xi ħaġa fundamentali...” Fid-diskors tal-baġit għall-2016, il-Ministru tal-Finanzi qal ukoll li fis-sentejn li għaddew l-borża ta’ Malta ħadmet biex twaqqaf pjattaforma regolata minn fejn il-kumpaniji żghar u dawk medji jkollhom aċċess aħjar għal finanzi mis-suq lokali.

Din l-inizjattiva, msejħa ‘PROSPECTS’, intiża wkoll biex tagħmel is-suċċessjoni tal-kumpaniji pubbliċi aktar faċli. Madankollu, il-Ministru naqas milli jsemmi d-data meta ser jiġi varat dan is-suq żgħir u fl-opinjoni tiegħi, jekk mhux ser ikun hemm xi inċentiv fiskali għall-kumpaniji li jiġu kwotati fuqu, is-suċċess ta’ dan is-suq hu dubjuz. Il-borża ta’ Malta tiddependi ħafna wkoll għal qligħ tagħha fuq il-kummissjoni li taqlà mill-valur tat-transazzjonijiet li jseħħu fis-suq tal-isħma, tal-bonds u tal-istokks tal-Gvern. Dan il-qligħ naturalment jiddependi minn kemm ikun hemm kumpaniji kwotati fid-diversi klassijiet. Għalkemm it-transazzjonijiet tal-isħma żdiedu ħafna matul l-aħħar disa xhur tal-2015 u kien l-ahjar Q3 li qatt kien hemm mill-2006, dan il-volum ta’ transazzjonijiet mhux ser jibqà jsostni ruħu jekk in-numru ta’ kumpaniji kwotati fuq il-borża ta’ Malta jonqos.

Sadanittant, kien hemm progress ferm ikbar fit-tkabbir tas-suq tal-bonds tal-kumpaniji għalkemm b’likwidità tant kbira, il-kumpaniji setgħu faċilment jagħmlu użu ikbar minn dan is-sors. Fl-opinjoni tiegħi, biex jiġi żgurat suċċess akbar fit-tkabbir tas-suq finanzjarju, il-privatizzazjoni tal-borża ta’ Malta, billi jiġi introdott sieħeb strateġiku u bil-partiċipazzjoni tal-membri tal-borża ta’ Malta huwa fundamentali. Dan il-punt għandu jkun wiehed mill-affarijiet l-aktar importanti fost il-lista ta’ affarijiet li l-grupp ta’ esperti għandhom jiddiskutu waqt li qed ifasslu l-pjan għal dan l-iskop. Il-privatizzazjoni tal-borża ta’ Malta ġiet diskussa snin ilu meta iċ-Ċerman tal-borża, is-Sur Joseph Tabona, kien spjega li r-ristrutturazzjoni tal-korporazzjoni li kienet qiegħda ssir fl-2006 kienet ukoll neċessarjà biex tiffaċilita il-privatizzazzjoni tal-borża, possibilment bl-involviment ta’ sieħeb strateġiku.

F’Novembru 2008, il-Ministru tal-Finanzi ta’ dak iż-żmien kien ħabbar li l-Gvern kien qed ifittex sieħeb strateġiku għal borża. Ftit xhur wara ġie rapportat li l-borża ta’ Malta kienet qabdet lill-Ernest & Young u li ġie konkluż studju “biex jinstabu metodi ġodda li jattiraw iżjed kumpaniji biex jikkwotaw l-ishma tagħhom fuq il-borża u kif ukoll biex jinstbu x’għażliet hemm biex ikun hemm relazzjonijiet aktar mill-qrib ma’ sieħba strateġiċi”. Sfortunatament, il-kriżi finanzjarja mondjali ħassret il-pjanijiet kollha imma wara li s-swieq bdew jieħdu ir-ruħ u bdew jamalgamaw u jixtru lil xulxin l-attività żdiedet ħafna fil-boroż mondjali.


7

Fl-2011, il-Gvern ta’ dak iż-żmien kien, milli jidher, naqas li jerġa’ iġedded din l-inizjattiva. Illum qed jiġi dejjem iżjed aċċettat il-kunċett li l-Gvernijiet għandhom jifformulaw il-politika u r-regolamenti, waqt li jħallu ix-xogħol ta’ kuljum ta’ entitajiet principali fil-maġġoranza tas-setturi għal ħaddieħor. Sar evidenti, kemm lokalment u internazzjonalment, li s-settur privat hu ferm aktar effiċjenti mis-settur pubbliku biex imexxi kumpaniji u biex jilħaq il-miri strateġiċi u finanzjarji. Il-borża ta’ Malta m’għandhiex tkun eċċezzjoni għal dan. Il-Gvern preżenti daħħal sieħeb strateġiku fl-Enemalta u issa qed jikkonoxxi li l-futur tal-AirMalta wkoll jiddependi fuq sieħeb strateġiku b’saħħtu biex ikun jista’ jikkompeti b’iżjed effett u tiġi żgurata l-istabbilità finanzjarja għal terminu twil. bl-istess mod għandu jinstab sieħeb internazzjonali ta’ reputazzjoni għal soluzzjoni fit-tul fil-borża ta’ Malta. Metodu wieħed li bih jiżdiedu l-isħma u l-bonds ikkwotati fuq il-borża għall- benefiċċju ta’ dawk li jfaddlu u dawk li jinvestu, hu billi jiġu attirati kumpaniji żgħar internazzjonali biex jikkunsidraw li jużaw is-suq finanzjarju lokali billi l-qies tagħhom jistà jkun ta’ tfixkil għalihom biex jikkwotaw fuq boroż internazzjonali kbar. Waqt li dan ġieli ġie diskuss għal ftit taż-żmien fil-passat mill-borża stess, ma kien hemm l-ebda żvilupp tanġibbli sal-lum. L-introduzzjoni ta’ sieħeb strateġiku internazzjonali jista’ jkun strumentali biex jattira kumpaniji barranin lejn il-borża ta’ Malta. L-esperjenza ta’ sieħeb magħruf tista’ ikun ta’ importanza kbira biex jipperswadi kumpaniji stabbiliti Maltin biex jikkwotaw fuq il-borża ħalli jsolvu sitwazzjonijiet delikati li għandhom x’jaqsmu ma’ suċċessjoni.

Sieħeb strateġiku jista’ ukoll jixpruna l-introduzzjoni ta’ inizjattivi li ġew ukoll diskussi fil-passat mill-borża bħalma huma dawk tal-‘market making’ u tas-‘short selling’ li għadhom qatt ma ġew żviluppati. Jalla l-kumitat li jkun inkarigat biex ifassal il-pjan jikkunsidra dawn l-ideat u oħrajn li jinbtu minn perjodu addattat ta’ konsultazzjoni fejn jiġu nvoluti il-partiċipanti kollha fis-suq. Dan jiżgura li dawk kollha li għandhom interess jiġu nvoluti fl-implimentazzjoni ta’ dawk l-affarijiet kollha importanti biex ikun hemm suq finanzjarju lokali ta’ aktar suċċess.

Rizzo, Farrugia & Co. (Stockbrokers) Ltd (RFC) is a member of the Malta Stock Exchange and licensed by the Malta Financial Services Authority. This report has been prepared in accordance with legal requirements. It has not been disclosed to the company/s herein mentioned before its publication. It is based on public information only and is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The author and other relevant persons may not trade in the securities to which this report relates (other than executing unsolicited client orders) until such time as the recipients of this report have had a reasonable opportunity to act thereon. RFC, its directors, the author of this report, other employees or RFC on behalf of its clients, have holdings in the securities herein mentioned and may at any time make purchases and/or sales in them as principal or agent, and may also have other business relationships with the company/s. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Neither RFC, nor any of its directors or employees accept any liability for any loss or damage arising out of the use of all or any part thereof and no representation or warranty is provided in respect of the reliability of the information contained in these two reports.


8

A Director and a team of Managers from MFSA and MASS Committee officials discussed several topics at a cordial meeting held at the MFSA Offices in Mrieħel.The first comment coming from MFSA was that there is a pressing need for more ‘financial literacy’ by retail investors. It emphasised that investors should read and understand the Prospectus issued by companies when issuing shares or bonds. Issuers are required by the Listing Rules to state the foreseable risks associated with the financial instrument and investors are to take careful note of them. Although investors might not read the entire document, investors are strongly advised to read the Summary Note which is present in each prospectus. In addition, retail investors should seek professional advice, before taking any decision.The committee asked MFSA to define ‘execution only’, a term commonly used when buying a financial instrument. It is a term introduced by the financial services regulator to describe sales where a consumer has requested a specific investment – and has chosen not to receive advice at that time. ‘Execution only’ applies when:• The Product is not cosidered as ‘complex’;• Investment decision would come solely from the client (investor);• No previous warnings on the product were announced;• There is no conflict of interest by the financial advisorMFSA confirmed that financial intermediaries are neither legally obliged to provide advice to clients in execution only cases, nor to alert investors when a financial product is not performing well.MASS also asked the panel to define a complex product. MFSA admitted that it is not easy to define a complex product, but an example would be one whose value cannot be easily determined. Looking at it from one end of a scale, the most clear example of the ‘least complex’ investiment is a bank account. This would be followed by a ‘treasury bond’ issue, and others follow up the scale of complexity.MFSA confirmed that financial intermediaries are legally required to carry out investor ‘tests’ in the following scenarios to determine the suitability of an investiment for a particular investor.• An Appropriateness Test in the case of a complex product. In these circumstances

the investor would require knowledge and experience.• A Suitability Test is required when a financial product is communicated to

prospective investors through an advertisement and the financial intermediary will be providing portfolio management.

On MASS’s comments about financial intermediaries’ ethics of conduct, MFSA

MASS meets the Malta Financial Services Authority (MFSA)October 29, 2015 Kevin Mizzi


9

said it has set up a new Conduct Supervisory Unit, to monitor their operations. Another question put by MASS was about companies that issue bonds, whose value is much higher than their market capitalisation. MFSA considers such situations; however, it reiterated that the Regulator does not assess the risks associated with a bond issue: it merely ensures that risks are published in the prospectus.MASS also asked why the Shareholder Register Information is no longer published in the Annual Report of companies. MFSA explained that this is no longer required by the updated Listing Rules. Recent ‘Take-over bids’, were also refered to. These fall into two categories, namely ‘Voluntary’ and ‘Mandatory. In the case of a voluntary takeover, the bidder has to propose an offer to all shareholders with the same price. Mandatory takeover takes place when the bidder already owns the Major part of the organisation. MASS asked whether the prospective bidder must commission an independent report regarding the valuation of the takeover. MFSA said the Listing Rules are not clear enough about this and are therefore liable to interpretation. The Rules are being amended to be more specific.

In these last days I realized how very difficult it is to reach our goal of making shareholders financially literate. At the end of the conference I was talking with a person who is practically always present at all conferences and he cannot understand that a share bonus is almost exactly equal to a share split. The bonus shares do not increase the shareholder’s total share value. He continued to sustain his argument although I stayed with him, trying to explain to him why, for about another hour.This morning I googled the definition of bonus shares and I found that Investopedia gave the following definition.

“A bonus share is a free share of stock given to current shareholders in a company, based upon the number of shares that the shareholder already owns. While the issue of bonus shares increases the total number of shares issued and owned, it does not change the value of the company. Although the total number of issued shares increases, the ratio of number of shares held by each shareholder remains constant.”

ExplanationWhenever a company announces a bonus issue, it also announces a book closure date which is a date on which the company will ideally temporarily close its books for fresh transfers of stock.An issue of bonus shares is referred to as a bonus issue. Depending upon the

Bonus Share Saviour Buttigieg


10

constitutional documents of the company, only certain classes of shares may be entitled to bonus issues, or may be entitled to bonus issues in preference to other classes. bonus shares are distributed in a fixed ratio to the shareholders.Sometimes a company will change the number of shares in issue by capitalizing its reserve. In other words, it can convert the right of the shareholders because each individual will hold the same proportion of the outstanding shares as before.A bonus share issue is not a dividend. Although these shares are “distributed” from a company to its shareholders, this is almost never a “distribution” in the corporate law sense. That is because they represent no economic event – no wealth changes hands. The current shareholders simply receive new shares, for free, and in proportion to their previous share in the company. Therefore, a bonus share issue is very similar to a stock split. The only practical difference is that a bonus issue creates a change in the structure of the company’s shareholders’ equity (in accounting). Another difference between a bonus issue and a stock split is that while a stock split usually also splits the company’s authorized share capital, the distribution of bonus shares only changes its issued share capital (or even only its outstanding shares).

Meta joħorġu isħma jew bonds ġodda fuq is-swieq finanzjarji, huwa importanti ħafna li dawk li qed ifittxu fejn jinvestu jaqraw il-prospectus kollu qabel ma jiddeċiedu li jinvestu f’dawn l-istrumenti finanzjarji. Hawn isfel qed nirriproduċu parti minn dak li jgħid il- ‘moneybox’ tal-MFSA dwar dan. “Xinhu ‘Initial Public Offering’? ‘Initial Public Offering’ (li ġieli jsejħulu IPO jew ‘floatation’) jiġri meta kumpanija pubblika toffri għall-bejgħ l-isħma tagħha lill-pubbliku għall-ewwel darba biex tibni l-kapital tagħha. Minħabba f’hekk, il-kumpanija toħroġ prospectus, li hu dokument li jgħinek biex tiddeċiedi jekk investiment f’din il-kumpanija hux addattat għalik. Il-prospectus hu dokument mitlub mill-liġi biex, min ser jinvesti u l-kumpanija finanzjarja li ser tagħti parir, ikollhom informazzjoni biżżejjed biex jiddeċiedu jekk għandhomx jinvestu f’dik il-kumpanija. F’dan id-dokument irid jidher ċar kull riskju li wieħed jieħu meta jkun qed jinvesti fit-tali investiment. Meta taqra l-prospectus ma tridx biss tagħti kas ta’ dak miktub fih imma taħseb ukoll dwar dak li l-kumpanija m’għażlitx li tikteb dwaru. Trid tifhem xi tkun qed tassumi l-kumpanija meta tkun qed tbassar x’ser jiġri. Ħafna kumpaniji jgħidu fil-prospectus li ser jagħmlu qligħ li fil-fatt qatt ma jirriżulta. Għalhekk trid taqra l-prospectus b’mod kritiku u tiddeċiedi jekk dak li qed jgħidu li ser jiġri hux fil-fatt possibbli. Il-kumpanija trid turi fuq xiex ibbażat, jiġifieri dak li assumiet, biex tbassar dak li ser jiġri”. Jekk trid aktar tagħrif mur: http://mymoneybox.mfsa.com.mt

IL-Prospectus Saviour Buttigieg


11

Malta Association of Small Shareholders VO 0629Avviż ta’ Laqgħa Ġenerali Annwali (LĠA) - 2016

Il-LĠA ssir nhar it-Tlieta, 26 ta’ Jannar 2016, fil-6.00pm, fil-Corinthia Palace Hotel, Ħ’Attard.Aġenda:I. Ħatra ta’ ĊerpersinII. Minuti tal-Laqgħa Ġenerali Annwali 2014.III. Rapport AmministrattivIV. Rapport FinanzjarjuV. Diskors tal-PresidentVI. Elezzjoni tal-Kumitat. VII. Ħatra ta’ ReviżuriVIII. Ħatra ta’ TellersIX. Emendi għall-Istatut X. Mozzjonijiet

Il-membri kollha jistgħu jattendu: iżda dawk biss li jkunu ħallsu t-tessera għas-sena 2015 ikunu jistgħu jivvutaw għal emendi u mozzjonijiet u elezzjoni. Dan jgħodd ukoll biex jipproponu kandidat/i għall-Elezzjoni tal-Kumitat.Tista’ tħallas l-arretrati tat-tessera qabel tibda l-LĠA u għalhekk aħseb biex tiġi kmieni.L-applikazzjoni għan-nomina tal-kandidat tiegħek għall-Elezzjoni tal-Kumitat issibha hawn taħt, jew irċevejta b-imejl. Agħmel kopja u ibgħatha bil-posta, jew skanjata ma’ imejl. Is-Segretarju jilqa’ nominazzjonijiet sas-6:00PM ta’ nhar it-Tlieta, 19 ta’ Jannar 2016. Tista’ ċċempel, jew tibgħat email għal aktar dettalji.

Lawrence MifsudSegretarju

Nominazzjoni għall-Elezzjoni tal-Membri tal-Kumitat.

Il-Kandidat u minn jipproponih iridu jkunu membri li ħallsu t-tessara għas-Sena 2015(IKTEb b’ITTRI KbAR)Nipproponu lil:_____________________________________________________Propost minn:______________________________________________________Firma________________________________ I.D. No ____________________Sekondat minn:_____________________________________________________Firma______________________________ I.D. No._____________________Jiena,(KANDIDAT)___________________________________________naċċettali nkun kandidat għall-Elezzjoni tal-Kumitat 2016 u li nimxi skont l-Istatut.Firma______________________________ I.D.No______________________Data.___________________________L-applikazzjoni tista’ tibgħatha bil-posta, jew skanjata u mibgħuta b’imejl:[email protected]. sas-6:00PM ta’ nhar it-Tlieta, 19 ta’ Jannar 2016..........................


12

AVVIŻ KONFERENZA DIĊEMBRU 2016Suġġett: RATIOS – Il-figuri li jidhru fl-aħħar linji tar-Rapport Finanzjarju, ma jagħtux stampa sħiħa tal-istat finanzjarju ta’ kumpanija. L-investitur għandu bżonn aktar tagħrif minn hekk. Hemm proċess li jissejjah ‘ratio analysis’ li jgħarbel dawk il-figuri u jqabbilhom ma’ xulxin biex joħroġ aktar tagħrif fid-dettal. Eżempju ta’ ratios huma price/NAV u l-P/E Ratio. L-investitur għandu jara dawn ir-ratios, u oħrajn magħhom, biex iqabbel kumpanija m’oħra, meta jiġi biex jagħżel jekk jinvestix f’waħda u mhux f’oħra. F’din it-taħdita jingħata tagħrif prattiku biex l-investitur jifhem xi jfissru xi wħud minn dawn ir-Ratios u kif jużhom.

Kelliemi: Dr Ivan Grixti, PhD(Soton), membru sħiħ tal-istaff akkademiku fl’Accountancy Department ta’ l-Università ta’Malta. Hu doċent fil-Financial Accounting u fl’IT Applications for Accountants u jsegwi diversi studenti fit-teżi tagħhom.

Post: Radisson blu Resort. St George’s bay, St. Julians Data: It-Tlieta, 15 ta’ Diċembru 2015 Ħin: mis-6:00 sat-8:00 PM.Dħul b’xejn. Jittellgħu żewġ rigali fost il-membri tal-MASS li għandhom it-tessera mħallsa għal 2015. Kull rigal hu buffet Dinner għal żewġ persuni fil-Great Dane Restaurant - Għadira - Mellieħa.

Dr.Ivan Grixti PhD(Soton);MA(Lanc); BA(Hons)Accountancy; MCIArb; FAIA(Acad); FIA; CPA is a full time academic member of staff within the Accountancy Department at the University of Malta, lecturing in Financial Accounting as well as IT Applications for Accountants. He currently lectures on the under-graduate B.Com course as well as the B.Accountancy (Hons) degree programme and is responsible for supervising a number of dissertation students within the faculty. He held the post of financial controller of the University’s commercial arm for over 15 years which has provided him with invaluable practical experience. He is also a sole practitioner on a part-time basis and has assisted the VAT Department on carrying out a number of investigations. He has just been awarded his PhD in Fair Value Accounting from the University of Southampton.

Bank of VallettaInternational Hotels Investment

Island Hotel GroupMapfre Middlesea Insurance

6PM SolutionsMalta Stock ExchangeMediterranean Bank

Global CapitalLoqus Group

FimbankGrand Harbour Marina

Medserv

LIST OF SPONSORS

email: [email protected]

website: www.mass.org.mt

facebook.com/MaltaAssociationSmallShareholders

malta association of small shareholders - mass vo 0629€¦ · malta association of small...

Documents