Issue link: https://maltatoday.uberflip.com/i/1522634
3 maltatoday | SUNDAY • 16 JUNE 2024 NEWS Read more on www.hilifinance.com The value of the investment can go down as well as up. Prospective investors are urged to read the Prospectus available on www.hilifinance.com before making an investment decision in order to fully understand the potential risks and rewards associated with the bonds. The Prospectus has been approved by the Malta Financial Services Authority. Such approval shall not be considered as an endorsement of the quality of the bonds. The bonds are guaranteed by Hili Ventures Limited ("Guarantor") a private limited liability company registered in Malta with company registration number C 57902. The Guarantor, jointly and severally with the Issuer, irrevocably and unconditionally guarantees, in the event that the Issuer fails to pay, each bondholder any sum payable. Prospective investors are to refer to the guarantee contained in the Prospectus. This advertisement has been issued by Hili Finance Company p.l.c. ("Issuer"), a public limited liability company registered in Malta with company registration number C 85692. This advertisement has been approved for issue by Calamatta Cuschieri Investment Services Limited ("CCIS") on behalf of the Issuer. CCIS is licensed to undertake investment services business in Malta by the Malta Financial Services Authority under the Investment Services Act. €80,000,000 5% UNSECURED BONDS 2029 OFFER OPENS JUNE 19, 2024 Guaranteed by Hili Ventures Limited Advertisement in ODZ areas subject to con- ditions such as proof that the existing building was used as a permanent residence. The draft which plugged the loopholes Over four years have passed since the conclusion of a six- week public consultation on the draft policy published in July 2020. The draft was hailed by then planning minister Aar- on Farrugia as one minimising development in rural areas and "limiting it to genuine pro- jects". Proposed draft prevents ruins from turning into villas If approved the new policy would preclude the repetition of egregious cases in which the Planning Authority's planning commission approved the re- construction of ruins, even rub- ble piles, into brand new villas with swimming pools. As proposed in 2020 the poli- cy prevents dilapidated 'ruins' from being turned into an ODZ villa. The new policy propos- es that small extensions may be granted to these dwellings if they are covered by planning permission and are inhabited at the time the proposal is submit- ted. The 2020 policy draft also mil- itates against the mushrooming of 'stores' by people posing as farmers or who possess very lit- tle farmland to justify erecting a new building. Under the proposed policy, stables will only be allowed within the defined boundary of a legally established rural dwell- ing. The old policy permitted stables outside the boundary of rural dwellings. And it no longer permits the conversion of disused livestock farms into brand new dwellings, or new tourist accommodation facilities in the countryside, by limiting agritourism to existing buildings. Environmental NGOs wel- comed the changes but pro- posed removing the automat- ic right for ODZ dwellings or fronting the ODZ boundary, to have a pool. Several devel- opments including ODZ pools have been approved in Gozo in the past few years. NGOs had also called for the removal of zoos from the list of develop- ments which can be allowed in the ODZ. September 2014 Government approves rural policy guidelines. April 2017 Environment Minister Jose Herrera announces board tasked with investigating rural policy. October 2019 Outrage on permit for villa instead of Qala ruin triggers formal procedure for policy change. July 2020 Environment and Planning Minister Aaron Farrugia presents new draft closing a number of loopholes. April 2021 A spokesperson for the PA attributed the delay in the approval of the new policy to the time needed to assess the "voluminous" submissions. October 2022 PA spokesperson tells MaltaToday the authority is still assessing the feedback from the public on the policy reform. June 2024 PA spokesperson says the authority is still considering submissions presented four years ago. to turn into villas remains in force Timeline