Issue link: https://maltatoday.uberflip.com/i/706995
maltatoday, SUNDAY, 24 JULY 2016 12 News Secure Investment Secure Investment Issue of Issue of €100,000,000 100,000,000 in in Fixed Rate Malta Fixed Rate Malta Government Stocks Government Stocks (subject to the over (subject to the over-allotment option allotment option up up to a maximum of to a maximum of €60,000,000 60,000,000) MALTA GOVERNMENT STOCKS MALTA GOVERNMENT STOCKS STOCK STOCKTAL TAL-GVERN GVERN _______ _______ (i) (i) 1.5% 1.5% Malta Government Stock Malta Government Stock (Fourth Issue) (Fourth Issue) Fungibility Fungibility Issue Issue maturing aturing in in 2022, 2022, and and (ii) (ii) 2. 2.4% Malta % Malta Government Stock Government Stock (First Issue) (First Issue) maturing in 2041 maturing in 2041, , or or (iii) Any combination of the above two Stocks which in the aggregate shall be €100,000,000 Fixed Rate Malta Government Stocks Applications Applications open open on on Monday Monday 1 st st August, August, 2016 2016 at at 8.30 30 a.m. and and close close on on the the time time and and dates dates as as hereunder, hereunder, or or earlier earlier at at the the discretion discretion of of the the Accountant Accountant General General: The Treasury announces the issue of €100,000,000 Malta Government Stocks subject to an over- allotment option up to a maximum of €60,000,000 as follows: MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID INTEREST PAID UP TO UP TO THE DAY OF RE THE DAY OF RE-SALE OF SALE OF STOCK STOCK SECURITY SECURITY CONTINUOUS LIQUIDITY CONTINUOUS LIQUIDITY INTEREST EVERY SIX MONTHS INTEREST EVERY SIX MONTHS (The value of the investment may go up or down during the tenor of the Stock.) Treasury Department, The Mall Building, The Mall Treasury Department, The Mall Building, The Mall - Floriana, Floriana, Malta Malta The The Price Price for for each each Stock Stock at at (i) and and (ii) (ii) above, above, offered offered for for subscription subscription by by members members of of the the public public shall shall be be established established on on Thursday Thursday 28 28 th th July July 2016 2016, based based indicatively indicatively on on the the prevailing prevailing secondary secondary market market prices, prices, and and shall shall be be announced announced through through a Press Press Release Release issued issued by by the the Department Department of of Information Information (DOI) (DOI). • at at 5.00 00 p.m. on on Wednesday Wednesday 3 rd rd August, August, 2016 2016 for for applications applications by by any any single single and/or and/or joint joint applicants applicants which which in in the the aggregate aggregate do do not not exceed exceed €100 100,000 000 per per person, person, and and • at at 12 12.00 00 (noon) (noon) on on Monday Monday 8 th th August, August, 2016 2016 for for applications applications in in the the form form of of sealed sealed bids bids (auction) (auction). Application Application forms forms may may be be obtained obtained from, from, and and lodged lodged at, at, all all Members Members of of the the Malta Malta Stock Stock Exchange Exchange and and other other authorized authorized Investment Investment Service Service Providers Providers on on the the indicated indicated dates dates. Application Application forms forms may may also also be be downloaded downloaded from from the the Treasury's Treasury's website website at at www www.treasury treasury.gov gov.mt mt with with effect effect from from Friday Friday 29 29 th th July, July, 2016 2016. Bids Bids on on the the prescribed prescribed forms forms are are to to be be transmitted transmitted by by fax fax on on 2596 2596 7210 7210 or or by by e-mail mail at at the the e-mail mail addresses addresses indicated indicated on on the the application application forms forms or or deposited deposited in in the the Tender Tender Box Box at at the the Treasury's Treasury's premises premises in in Floriana Floriana. High levels of early school leavers cannot be sustained over the long haul… the skill gaps in the Maltese workforce end up being filled up by better-equipped foreigners. Photo shows finance minister Edward Scicluna being shown around the Bettson offices by CEO Ulrik Bengtsson. PHOTO: DOI TEODOR RELJIC A mechanised approach to education, low family expec- tations and – paradoxically – a healthy economy are all to blame for the sudden spike in early school leavers in Malta, according to a pioneering – and still ongoing – study by two academics working within the Faculty of Education at the University of Malta. However, the project has also identified three key ways in which this crisis could po- tentially be managed, with an emphasis on making the en- tire educational project more hands-on, and sensitive to so- cial needs. Speaking to the University of Malta's monthly research publication THINK (April 2016 edition), Prof Carmel Borg and Dr Milosh Raykov – who completed the first stage of their project last Decem- ber – told a story of systemic failure, revealing that 20.4% of students in Malta decide to end their education with five or fewer 'O' Levels to show for it – which is double the early school leaving average across the rest of Europe. Equating the availability and quality of education directly to the country's sense of so- cial justice, Borg described the current situation as "ethically and morally unacceptable", es- pecially given that, according to his numbers, the majority of early school leavers come from "a lower socio-economic status". This is just one dimen- sion of the overall spectrum of problems that lead to chronic early school leaving, but it's not an insignificant one, as it comes down to various pow- erful factors that would prove CONTINUED FROM PAGE 1 Cassar White, a former chairman of the Malta Shipyards under the Sant administra- tion, has a long banking career with special emphasis on risk management. He was ap- pointed in April 2013 and spent most of his 36-year professional career with Bank of Val- letta. But in government circles, he is criticized for adopting a conservative approach when it comes to restrictive credit lines for businesses seeking liquidity to finance their projects. Cassar White is also one of the leader writ- ers for the Times, a position whose interest he did not declare to the government. "As an experienced journalist and purely as an academic consideration you know that it is editors who assume responsibility for what is written in editorials that are published in their newspapers," Cassar White had told MaltaToday when asked on the apparent con- flict of interest. Cassar White has also adopted a totally dif- ferent position on BOV's long-standing dis- pute with investors of Valletta Fund Manage- ment's La Valette property fund, in which €50 million was lost in retail clients' investments. Finco partner Paul Bonello, who represents 2,300 clients, has accused Cassar White of reneging on a commitment to take the issue of full compensation for La Valette property fund investors to arbitration. Bonello has stated that Cassar White does not want BOV to pay out more compensation over a conditional 75-cent per share offer that investors had accepted, which cost the bank €40 million. The Labour government, which listed full compensation for the La Valette investors in its electoral programme, created the role of a financial services arbiter to negotiate a settle- ment with Bank of Valletta. sbalzan@mediatoday.com.mt Government rift on Bank of Valletta's banking policy John Cassar White criticised for conservative approach on business credit