BOV special dividend

Bank of Valletta plc yesterday issued a company announcement with the preliminary profit statement for the year ended September 30, 2002. Gross interest income for the year was Lm92,437,000 (year to September 30, 2001: Lm98,637,000), profit attributable to shareholders read Lm9,186,000 (year to September 30, 2001: Lm10,902,000), while earnings per share amounted to 19c9 (year to September 30, 2001: 23c6).

In an accompanying report, the bank pointed out that the decrease in the earnings per share figure was entirely due to the fact that the favourable income tax rate formerly enjoyed by Bank of Valletta International Limited ceased to have effect upon the expiry of the latter subsidiary bank's offshore banking licence, and its subsequent merger with Bank of Valletta plc in September 2001.

It was also proposed that the bank declare a gross dividend as follows: a) a dividend of 11c per share, and b) a special dividend of 5c per share. All shareholders on the company's register following trading on November 7, 2002 will receive notice of and be entitled to attend and vote at the Annual General Meeting (scheduled for December 2002), and be paid the divided as approved by the meeting.

Bank of Valletta announced that it was resolved to make a bonus share issue to shareholders on the register of members as at the close of trading on January 3, 2003. The bank will issue one ordinary share for every five ordinary shares (subject to rounding). These bonus shares will be issued from the bank's share premium account.

Meanwhile, trading in Bank of Valletta shares opened on Monday with 15 deals being struck, amounting to Lm10,600. Trading opened at Lm2.37, and went up to close at Lm2.40, up by 3c on the previous closing price. Tuesday saw seven deals being struck at Lm2.40, leaving the situation unchanged. Turnover was of 2,252 shares. On Wednesday trading in the equity opened at Lm2.41, but went down to close the session again at Lm2.40. 4,450 shares changed hands over four deals. Thursday's trading session, the last for Bank of Valletta plc this week, saw the equity start to trade at Lm2.41, subsequently climbing up to close the session at Lm2.44, up by 4c on the previous close. Movement over the week amounted to a positive 2.954 per cent. 250 shares at Lm2.36 and 1,880 shares at Lm2.429 were the best outstanding bids and offers following yesterday's session.

Ten deals were struck in Maltacom shares on Monday, in which 12,050 shares changed hands. Trading opened at Lm1.04 and closed at Lm1.07, up by 2c on the last closing price. In the next trading on Wednesday, three deals were struck between the opening price of Lm1.049 and Lm1.05, the closing price. Turnover amounted to 2,000 shares. This was also the last session for the week for Maltacom. At the close of business yesterday, best bids for 1,000 shares at Lm1.01 stood against best offers of 4,000 shares at Lm1.049.

A sole deal was struck in HSBC Bank shares during its first session this week on Tuesday, when 200 shares changed hands at Lm3.55. This resulted in a drop of 4c on the previous closing price. Wednesday's session saw the closing price lose another 5c, as six deals for 5,990 shares were struck all at Lm3.50. Another six deals were struck on Thursday. Trading opened at Lm3.499, went down to Lm3.497, before going up to close at Lm3.50, leaving the position unchanged from the previous closing price. Turnover amounted to 5,150 shares. Yesterday's trading session saw 2,620 shares change hands over three deals. Trading was conducted between Lm3.47 and Lm3.46, the opening and closing prices respectively, the latter decreasing by 4c on the previous reading. As yesterday's session drew to a close 1,000 shares at Lm3.46 were the best bids outstanding, while 3,400 shares at Lm3.49 were the best unsatisfied offers.

In a company announcement issued on Tuesday, Malta Government Privatisation plc stated that 50 per cent of the share capital of Malta International Airport on offer (the "Reserved Portion") shall be reserved for applications from holders of Malta Government Privatisation Bonds. Only holders of bonds on the Register of Bondholders as at the close of business on November 4, 2002 (the "Appointed Date") will be eligible to participate in the offering of shares, up to the nominal value of bonds held by them, with preference over other applicants up to the limit of the Reserved Portion. Full details of the offering of shares will be despatched to all eligible holders following the Appointed Date, and will be subject to all terms and conditions of the Offering Memorandum to be published shortly by the government.

The other equities which traded during the week are shown hereunder, followed by the price range in which trading was struck: 2,655 shares in International Hotels Investments struck between Lm0.80 and Lm0.84; 350 shares in Lombard Bank Malta struck at Lm3.32 and Lm3.35; 1,576 shares in Middlesea Insurance plc struck between Lm1.90 and Lm1.902; 9,300 shares in Simonds Farsons Cisk plc struck at Lm0.66 in the Put-Through Market; and 21,300 shares in GloBAl Financial Services Group struck between Lm0.125 and Lm0.13.

With effect from Wednesday, Lm4,200,000 6.7 per cent Tumas Investments plc Secured Notes 2006 have been admitted to the Official List of the Malta Stock Exchange, while trading in the security commenced yesterday. Trading over the week in Corporate Bonds was made up of the following:

- Two deals struck in the 6.15 per cent Bank of Valletta 2010, in which a nominal value of Lm4,000 changed hands at Lm101.00 and Lm102.00.

- Five deals struck in the 6.5 per cent Corinthia Finance 2010 (EUR), in which a nominal value of EUR45,000 changed hands between EUR100.00 and EUR100.50.

- Three deals struck in the 6.7 per cent Eden Finance 2010, in which a nominal value of Lm10,000 changed hands between Lm99.25 and Lm99.45.

- Four deals struck in the 6.5 per cent Gasan Finance 2006/9, in which a nominal value of Lm4,000 changed hands between Lm100.00 and Lm100.01.

- Four deals struck in the 6.7 per cent Mizzi Organisation Finance 2009/12, in which a nominal value of Lm3,000 changed hands between Lm103.00 and Lm103.25.

- Two deals struck in the 8.25 per cent Suncrest Bonds 2005/7, in which a nominal value of Lm8,000 changed hands at Lm100.00.

- One deal struck in the 6.7 per cent Tumas Investments Secured Notes 2006, in which a nominal value of Lm10,000 changed hands at Lm103.80.

- Four deals struck in the 6.7 per cent Tumas Investments 2010/12, in which a nominal value of Lm9,900 changed hands between Lm99.60 and Lm100.00.

Total Malta Government Stock turnover over the week amounted to a nominal value of Lm360,600 being struck in 28 deals over 14 different stocks.

The Malta Stock Exchange Share Index decreased by 5.261 points over the week, equal to 0.3 per cent, and now stands at 1,755.489.