The Board will also consider the recommendation of a dividend.

The airport operator stated that the German and United Arab Emirates markets registered a significant increase of 25.6% and 19.6% respectively whilst the UK market only registered an increase of 2.2%. On the other hand, statistics for the Italian and French market showed a decline of 16.2% and 13.4% during the month under review.

MIA is forecasting that passenger numbers for 2012 will be 2.8% lower than those registered in 2011 but still 3% above the previous record achieved in 2010. The airport operator expects a decline in passenger numbers during the first quarter of the year and a consolidations of last year’s record passenger movements during the summer months.

The BAnk also announced tha tthe Annual General Meeting is scheduled to be held on Wednesday 18 April 2012.

In the announcement, Island Hotels provided a review of the trends experienced during their last financial year. The announcement reveals that the Group results for the financial year ended 31 October 2011 will be similar to those of the previous financial year when the group registered a loss of €649,693. The Group is expected to report an operating profit but will declare an overall net loss before tax after accounting for depreciation and finance costs.

The announcement indicated that the results were achieved on the back of an improved performance from the hotel side of the business and further strong results from the event catering side as it retained its market leadership. On the other hand, the vacation ownership business remains a challenge as it registered lower volumes than the previous year although this segment showed some encouraging signs of improvement during the last three months of the financial year ended 31 October 2011.

In conclusion the Directors stated that they remain confident that the IHI Group will successfully meet the significant external challenges, mainly brought about by the international economic uncertainty.

BOV stated that during the period between 1 October 2011 and 31 December 2011, net interest income was satisfactory but commission and trading income was subdued. The uncertain market conditions that prevailed in the latter part of 2011 resulted in a lower demand for investment-related services. The Bank further reported that operating expenses were in line with expectations. BOV noted that the impairment charge for the quarter continued to reflect the difficult environment experienced by certain sectors of the economy. Moreover, the challenging eurozone sovereign debt crisis in particular related to the lack of a clear resolution to the restructuring of the Greek debt resulted in some unrealized fair value mark downs on the Bank’s investment portfolio. BOV indicated that the net profit for the quarter was is in line with that generated during the first quarter of the previous year.

Looking ahead, the Bank stated that (i) considering a mild recession that will affect the eurozone during 2012,  (ii) the likelihood that there will be the need for bank recapitalization measures across Europe and (iii) further austerity measures in some eurozone countries, the prospects for growth during 2012 remain slim. BOV further stated that a solution to the eurozone debt crisis is urgently needed as the current fear of contagion will cause spreads across the bond markets to remain elevated thus negatively impacting capital values on their investment portfolio. BOV concluded by stating that it will continue to support the Maltese economy in a responsible manner whilst at the same time maintain prudent funding, asset quality, liquidity and capital adequacy policies.

Following this scrip dividend, the total number of shares in issue increased to 32,688,600 shares.

• 4.25% MGS 2017 (III) FI at 103.75% for every €100 nominal giving a yield to maturity of 3.523% per annum;
• 4.3% MGS 2022 (III) at 100% (par) for every €100 nominal giving a yield to maturity of 4.299% per annum;
• 5.2% MGS 2031 (I) FI at 101.75% for every €100 nominal giving a yield to maturity of 5.058% per annum.

The total aggregate amount is of €150 million subject to an over-allotment option of up to a further €150 million.

The General Public has the possibility of applying in any of these issues in multiples of a €100 and up to a maximum amount of €100,000 (nominal) per application. For applications in excess of €100,100 (nominal), a tendering process applies. Subscriptions open on Wednesday 1 February and close on Friday 3 February for the General Public. Meanwhile, tenders must be lodged by Tuesday 7 February at 12 noon.

Investors interested in applying for any of the Malta Government Stock issues are kindly asked to complete an Application Form (accompanied by full payment) and to forward this to our office by Friday 3 February.

Copy of Application Forms are available below:

4.25 per cent MGS 2017 (III) F.I. – Application Form

4.3 per cent MGS 2022 (II) – Application Form

5.2 per cent MGS 2031 (I) F.I. – Application Form

Further information is available in the Prospectus dated 24 January 2012 issued by the Government of Malta. For any clarifications, please send an email to info@rizzofarrugia.com or contact us on +356 2258 3000.

MIA is forecasting that passenger numbers for 2012 will be 2.8% lower than those registered in 2011 but still be 3% above the previous record achieved in 2010. The CEO explained that the Company is cautious on the outcome of 2012 given the prevailing economic challenges. In fact, the 2012 forecast is based on the assumption that the on-going European economic crisis will adversely impact demand for travel particularly from the main markets of UK, Italy, Germany, France and Spain. As a result, MIA is forecasting a decrease during the first three months of the year whilst envisaging a consolidation of last year’s results during the peak summer months. The forecast also takes into consideration a new route by Air France to Toulouse as from April and Ryanair’s seven new routes starting from May. Moreover, MIA also factored in the reduced number of calls (from 28 to 22) that are expected to be made this summer related to the Cruise & Fly operation.

Mr Klaushofer also revealed a number of events to mark the 20^th Anniversary of the airport terminal which will culminate with the inauguration of the SkyParks Business Centre in summer.

The full presentation made by MIA is available for download.

The 3 new stocks are:

• (i) 4.25% MGS 2017 (III) (Fungibility Issue) at a price to be determined on Friday 27 January 2012
• (ii) 4.3% MGS 2022 (II) at a price to be determined on Friday 27 January 2012
• (iii) 5.2% MGS 2031 (I) (Fungibility Issue) at a price to be determined on Friday 27 January 2012

The General Public has the possibility of applying for these stocks in multiples of €100 and up to a maximum of €100,000 (nominal) per application. For applications in excess of €100,000 (nominal), a tendering process applies. Subscriptions open on Wednesday 1 February and close on Friday 3 February for the General Public while tenders in the form of sealed bids will be accepted until noon on Tuesday 7 February.

Further information is available in the Prospectus dated 24 January 2012 issued by the Government of Malta. Pricing details will be announced on our website on Friday 27 January. For any clarifications, please send an email to info@rizzofarrugia.com or contact us on +356 2258 3000.