Issue link: https://maltatoday.uberflip.com/i/1428470
SUNDAY • 14 NOVEMBER 2021 • ISSUE 1150 • PUBLISHED SUNDAY AND WEDNESDAY maltatoday INSIDE THE PN Who is invited to the 'big tent'? TRUTH IS OF NO COLOUR WWW.MALTATODAY.COM.MT ANALYSIS James Debono Report Paul Cocks COMMENT Raphael Vassallo "The issue is leadership" MT2 The Skinny "This church's not for broads" Hili Properties plc is a subsidiary of Hili Ventures Limited | Hili Properties, Nineteen Twenty Three, Valletta Road, Marsa, MRS 3000, Malta | T 00356 2568 1200 | E info@hiliproperties.com advertisement REPRESENTING A 7% DISCOUNT* ON THE €0.29 PER SHARE VALUE CASHGENERATING BUSINESS | WHOLLYOWNED, DIVERSIFIED PROPERTY PORTFOLIO | FOCUSED SOLELY ON INVESTMENT IN REAL ESTATE | 9YEAR SUCCESSFUL TRACK RECORD ACROSS EUROPE 185,185,185 New Ordinary Shares at an issue price of €0.27 per share ESTONIA | LATVIA | LITHUANIA | MALTA | ROMANIA 4% DIVIDEND PER ANNUM** hiliproperties.com For more information one should refer to the Prospectus dated 25 October 2021 ("Prospectus"), which may be downloaded from the Company's website www.hiliproperties.com. Copies of the Prospectus are also available, together with application forms, from Authorised Financial Intermediaries listed on the Company's website during o'ce hours. Applications for the Equity Issue may be made for a minimum of 4,000 shares and in multiples of 100 shares thereafter. The subscription period is between 4 November 2021 and 26 November 2021 (both days included) or earlier if fully subscribed. The shares are expected to be admitted to the O'cial List of the Malta Stock Exchange on 15 December 2021 and trading is expected to commence on 16 December 2021. *The net asset value of the Ordinary Shares of a nominal value of €0.20 as of 30 June 2021 is of €0.29. New Ordinary Shares issued at a price of €0.27 represent a reduction of €0.02 or a 7% discount on the net asset value as at 30 June 2021. The price of shares to be listed and traded on the MSE may fluctuate depending upon the liquidity of the market and not necessarily represent the Issuer's financial position. **A 4% total net dividend distribution as per the Issuer's Distribution Policy in the Prospectus is only an estimate and may not be a reliable indicator of dividend distributions based on the Company's future financial position and performance. Dividend payments may vary and are not guaranteed. This advert has been issued by Hili Properties p.l.c. ("Issuer"), a public limited liability company with registration number C 57954 and having its registered o'ce at Nineteen Twenty Three, Valletta Road, Marsa MRS 3000, Malta. A Prospectus has been issued by the Issuer for the o£er of New Ordinary Shares and an application was made for the shares to be listed on the Malta Stock Exchange ("MSE"). The Malta Financial Services Authority ("MFSA") authorised the Prospectus and the shares as eligible to listing on the MSE pursuant to the Capital Markets Rules. The approval of the Prospectus by the MFSA should not be understood as an endorsement of the New Ordinary Shares o£ered and admitted to trading on the O'cial List of the MSE. The value of the investment can go down as well as up and past performance is not necessarily indicative of future performance. Investing in shares of the Issuer may result in a loss of some or all of the capital invested. Prospective investors should read the Prospectus prior to making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in Shares of the Issuer. Prospective investors are urged to consult their independent financial advisor as to the suitability of investing in Shares of the Issuer. This advert has been approved for issue by Calamatta Cuschieri Investment Services Limited ("CCIS") on behalf of the Issuer. CCIS acts as Sponsor to the issue. CCIS is licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap 386. CCIS, Ewropa Business Centre, Triq Dun Karm, Birkirkara BKR 9034, Malta. Qala's anger at Scicluna, lawyers question lineage PAGE 6 Greylisted Malta? Property tax ruse for defaulters angers industry €1.95 MATTHEW VELLA ARCHBISHOP Charles Scicluna was escort- ed into the Gozo law courts on Friday with heightened security at the Citadella: the parking area below the bastions had been shut off from public access, and at least six police officers stood guard near the entrance of the historic fort. The apprehension was understandable. He emerged two hours later to a baying crowd of some 20 Qala residents hurling insults at him for having so easily allowed the compa- ny Carravan to take control of a foundation with disputed claims to vast amounts of land. Scicluna was testifying as a witness in a court case instituted by lawyer Patrick Valentino, the representative of Carravan Ltd, to challenge the property titles held by Qala residents on land now claimed to belong to a 17th century foundation that long time ago arbitrarily swept up swathes of lands in Qala and Nadur. PAGE 3 TRANS POLITICAL THE MALTATODAY VIEW ON BYRON CAMILLERI The minister who ignored the red light warning on prison must be sacked from public office EDITORIAL MT2 GOZO LAND GRAB Charles Scicluna claims he was not aware of Carravan's intentions LUKE VELLA THE Malta Developers Associ- ation (MDA) disassociated itself from a lambasted tax measure that allows defaulters to not pay any tax due on the transfer of property purchased before March 2021, against their ar- rears. The measure was dubbed an unfair practice by the Cham- ber of Commerce, for benefit- ing defaulters at the expense of those who have their taxes in order. Yesterday Malta's construc- tion lobby – under public scru- tiny as the possible benefiter of the rules – called out the discriminatory measure. "Gov- ernment should find a way to collect tax arrears from de- faulting taxpayers, but there are various ways how this can be done without creating an un-level playing field," MDA director-general Deborah Schembri said. How new candidates will challenge the grammar of politics PG12 Archbishop Charles Scicluna enters the Gozo law courts on Friday, 12 November, accompanied by two police bodyguards and his staff Defence: are Stagno Navarras rightful heirs?