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MALTATODAY 9 June 2019

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3 maltatoday | SUNDAY • 9 JUNE 2019 CONTINUED FROM PAGE 1 "Ryanair had initially ex- pressed an interest in Air Mal- ta but the government shot down the idea, proposing in- stead that the Irish company open a subsidiary, operating on a Maltese Air Operator's Certificate," the sources said. Ryanair warmed up to the idea and the government set up an innocuous company, MAAT Ltd, last March to ini- tiate the process to obtain the AOC. A search on the registry of companies shows that MAAT is a subsidiary of Malta Air Travel Ltd, a government com- pany set up last year to buy Air Malta's lucrative airport slots. MAAT has been going through the motions of ob- taining an AOC from the Civil Aviation Department. MaltaToday understands that throughout this process, the principle interlocutors were personnel from Ryanair. "The Tourism Ministry of- fered Ryanair to obtain the AOC through a purposely set up company, which will then be transferred to the low-cost airline lock, stock and barrel once the process is complete," the sources said. Ryanair will then rebrand the company as Malta Air with the Maltese government holding a single preferential share in the low-cost subsidiary. "The share will protect the brand name Malta Air and en- sure it will always be tied to a Maltese AOC," the sources said. Malta Air will operate on the routes currently serviced by Ryanair. Aviation industry ob- servers noted that the move is unlikely to impact Air Malta. "Contrary to Ryanair, the na- tional carrier operates to main airports in Europe, the Middle East and Africa, it offers busi- ness class and cargo services and is expected to expand its route network to Ghana and Mumbai in India. These of- ferings distinguish Air Malta from Ryanair and other low- cost operations," the sources said. But the agreement with Ry- anair also includes the transfer of some 60 aircraft the com- pany operates in Germany and Italy to the Maltese aircraft register. This has nothing to do with Malta Air but is ex- pected to boost the standing of Malta's nascent aircraft register, according to industry sources. When contacted, Tourism Minister Konrad Mizzi would neither confirm nor deny that talks were underway with Ry- anair. NEWS for a 5 year period maturing in 2023 A bond with yield 3.75% Another bond with yield for a 10 year period maturing in 2028 4.6% Know that you've made a healthy investment ß Minimum investment of €3,000 ß Timberland Invest Ltd is the appointed distributor of bonds issued in Malta by Timberland Securi es Investment plc. ß Investment in the bonds should be based on the full details of the Prospectus Timberland Securities Investment plc. now also listed on the Frankfurt Stock Exchange's Open Market and the Vienna Stock Exchange's ird Market Call us on 2090 8100 2 Bond issues Timberland Securi es Investment plc. (incorporated in Malta with registered office at 171, Old Bakery Street, Valle a) is the issuer of the bonds in terms of a Prospectus dated 23rd November 2018, approved by the Liechtenstein Financial Market Authority and passported into Malta. The authorised distributor of the bonds, Timberland Invest Ltd (with business office at Aragon Business Centre, Dragonara Road, St. Julian's, STJ 3140) is regulated by the MFSA, under the Investment Services Act. If you invest in these bonds, you will not have access to your money before the maturity date. However, you may transfer or sell your bonds, in accordance with the terms of the Prospectus. The value of your investment may go up as well as down and you may lose some or all of the amount that you invested. A copy of the prospectus is available free of charge, during normal business hours, from the business office of Timberland Invest Ltd or through: h ps://www. e Frankfurt Stock Exchange's Open Market and the Vienna Stock Exchange's ird Market are exchange-regulated markets which do not take the form of regulated markets and are therefore not subject to the prospectus and transparency regimes applicable to Regulated Markets. Tourism Minister Konrad Mizzi with Ryanair Chief Commercial Officer David O'Brien: Last year Ryanair and Air Malta announced a partnership agreement that allowed the national carrier to piggyback on Ryanair's website to sell its flights Malta Air will take up Ryanair routes Ryanair will rebrand the company as Malta Air with the Maltese government holding a single preferential share in the low-cost subsidiary

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