“European stock markets hit by political disturbance…”

European stock markets experienced a downturn amid political instability in Germany and France, with the German DAX dropping 0.45% and the French CAC 40 declining 0.71% on Monday.

This negative sentiment coincided with the euro’s decline against the dollar, hitting a two-year low of 1.0330 on November 22, following Donald Trump’s election victory and a surprising contraction in the eurozone’s services sector. Political challenges are significant, as German Chancellor Olaf Scholz faces a confidence vote, leading to an early election in February after his coalition collapsed.

In France, the National Assembly approved a temporary law to avoid a government shutdown, but a comprehensive budget plan remains absent, creating challenges for Prime Minister Francois Bayrou.

Manufacturing sectors in both countries showed signs of deterioration, with weaker-than-expected Purchasing Manager Indices (PMIs) indicating a deepening recession. Adding to these economic woes, disappointing consumer demand data from China compounded concerns. Consequently, European consumer and energy stocks suffered, with the Euro Stoxx Luxury 10 Index and the Stoxx Europe 600 Energy Index both declining.

European Central Bank President Christine Lagarde hinted at potential further rate cuts if economic conditions worsen, following a recent 25 basis points reduction.

Despite these challenges, the euro experienced a slight rise against the dollar but remained under pressure. Analysts predict further declines, possibly testing parity against the dollar, amid ongoing political and economic uncertainties in the eurozone.

Malta:

HSBC schedules EGM for February to disclose information of interesting bidders

HSBC Bank Malta will hold an extraordinary general meeting on 13^th February to disclose information in relation to the potential buyers to acquire 70.03% shareholding in it’s shares.

It will be seeking authorization from its shareholders to disclose information including price-sensitive information.

For the purpose of this EGM, a shareholder or shareholders holding not less than 5% of the voting issued share capital of the Bank may:

1. Request the Bank to include items on the agenda of the EGM and
2. Table draft resolutions for items included in the agenda of the EGM

The company said that its parent company “has been contacted by a number of parties who have expressed interest in its shareholding” in HSBC Bank Malta.

Marsamxett Properties Ltd completes squeeze-out process in acquiring Tigné Mall’s plc remaining shares

Marsamxett Properties Ltd. has successfully acquired the remaining 50.32% stake in Tigné Mall plc from Mapfre MSV Life plc and other shareholders, marking a significant step towards full ownership and delisting from the Malta Stock Exchange.

The acquisition process culminated in a squeeze-out, which saw the transfer of 2,895,311 ordinary shares to Marsamxett Properties Ltd on December 12, 2024, facilitated by Rizzo, Farrugia & Co (Stockbrokers) Ltd. Following the transaction, Marsamxett Properties Ltd now holds all ordinary shares in Tigné Mall plc, apart from one share retained by its parent company, Hili Ventures Limited.

In line with their strategy, Marsamxett Properties Ltd plans to propose to Tigné Mall plc’s board and shareholders a formal application to the Malta Financial Services Authority for delisting from the Official List, as the conditions for listing are no longer satisfied.

This acquisition journey began in 2023 when Marsamxett Properties Ltd amassed over 49.68% of Tigné Mall’s shares.

 A voluntary public offer launched in September 2024 resulted in significant shareholder acceptance, enabling the company to reach nearly 94.87% ownership and proceed with the squeeze-out process under the Capital Market Rules.

Malta Company Announcements:

Santumas Shareholdings plc

On 18 December 2024, Santumas Shareholdings plc announced that its Board of Directors is scheduled to meet on Monday 23 December 2024 to consider the approval of the interim financial statements for the six-month period ended 31 October 2024.

Harvest Technology plc

Sharholders as at 10^th December, will be receiving a net interim dividend of €0.03 per share by not later than Friday 20 December 2024.

Tigne Mall plc

The Company announces that the Board of Directors is scheduled to meet on the 20 December 2024 to consider the intention of making an application for the discontinuation of listing of the Company’s shares on the Official List of the Malta Stock Exchange in accordance with Capital Markets Rules 1.22 to 1.26. 

Maltapost plc

The Board of Directors further resolved to recommend for the approval of the Annual General Meeting:

1. The payment of a final gross dividend of €0.037 (FYE2023: €0.031), net €0.024 (FYE 2023: €0.020) per nominal €0.125 share, to be paid in cash.  The attribution price is established at €0.47 per share.  The dividend, if approved at the Annual General Meeting, will be paid on 20 March 2025 to shareholders on the Company’s share register at the Central Securities Depository of the Malta Stock Exchange as at close of business of 21 January 2025.

•  Shareholders on the Company’s share register at the Central Securities Depository of the Malta Stock Exchange as at close of business of 21 January 2025 will receive the notice of the Annual General Meeting. Shareholders holding not less than 5% of the voting issued share capital of the Company are entitled to request the Company to include items on the agenda of the AGM and to table draft resolutions for items to be included in the agenda of the AGM. Such requests are to be submitted to the Company within forty-six (46) days before the scheduled date of the AGM.

PG plc

The Board of Directors is scheduled to meet on Thursday 19 December 2024 to consider the interim financial statements for the six-month period ended 31 October 2024.

Multitude plc

On 14 November 2024, Multitude announced that its Board of Directors has, pursuant to Article 106(4) of the Companies Act (Chapter 386 of the Laws of Malta) (the “Maltese Companies Act”), resolved to implement a share buyback programme to repurchase up to 200,000 of the Company’s own shares (the “Programme). The Programme, in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052, and under the authorisation granted by Multitude’s Board of Directors on 13 November 2024, started on 19 November 2024 and ends at the latest on 30 June 2025.  From 11 December 2024 to 17 December 2024, a total of 13,239 shares were purchased under the share buyback programme, at a total cost of EUR 70,157.27. Following these transactions, Multitude p.l.c. now holds 170,800 treasury shares.

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