MHKS Fri, 04 Jun 2021 18:56:40 +0000 en-US hourly 1 MHKS 32 32 Santander expands commitment to rugby with partnership with Lions Fri, 04 Jun 2021 15:30:00 +0000

the British and Irish Lions having named Santander International as one of his official partners, ahead of the next tour against South Africa.

Santander is a long-time supporter and investor in rugby sponsorship, including Douglas Rugby Club on the Isle of Man and Rugby football federation (URF) Championship club Red jerseys, in addition to owning the naming rights of the stadium.

In addition, the bank is a sponsor of Strive Academy, the place where the Lions will train in Jersey. Outside of rugby, Santander operates a range of alternative sports sponsorships, such as maintaining a partnership between Banco Santander and the Spanish elite the league tournament.

“We are very happy to welcome Santander International to our family of business partners,” said Tom halsey, Commercial Director for The British & Irish Lions.

“Santander International is already a major supporter of rugby in the Crown Dependencies and we look forward to working together to deliver an innovative and engaging program that will allow Jersey residents to participate in the Tour while it is on the island.

“We are very grateful that companies like Santander International recognize the positive social and economic impact that sport can have in the world.”

The Lions arrive in Jersey in ten days to begin preparations for a warm-up match against Japan at Murrayfield Stadium in Edinburgh on Saturday, June 26, before heading to South Africa to face the Springboks for the Castle Lager Lions 2021 Series.

James Pouney, The CEO of Santander International, commented: “We are delighted that the Lions have chosen Jersey to host their pre-Tour training camp and are delighted with the momentum this will bring to our people and our economy, to the businesses of. the island and all the positivity it will bring.

“Santander International believes in the power of sport to improve physical and mental health, and its ability to stimulate the economy after a period of forced stasis. That is why we aim to provide a range of economic, social and sporting programs in Jersey and the Isle of Man.

“Through this partnership, we aim to recognize, reward and inspire residents and visitors and hope that as many people as possible can engage with Lions when they are in Jersey. We have many activities planned and look forward to a successful camp program.

The feasibility of the Lions tour of South Africa had previously been questioned due to the COVID-19 pandemic, with the South African Rugby Union (SARU) arguing that meetings without spectators held behind closed doors would not be financially viable for his clubs.

Rugby Australia had offered to host the tour following a series of successful sporting events that saw spectators return. However, the offer was rejected by the Lions on the grounds that it was “unsustainable”.

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Billionaire David Tepper bets on 3 big buy stocks Fri, 04 Jun 2021 13:27:26 +0000

Eevery investor wants an entry, a key to unlock the best returns on the markets. For some, that key is found by following legendary market investors, stock market gurus who have leveraged their intuition and knowledge to build multibillion dollar fortunes. And among these legendary investors, David Tepper stands tall.

Tepper is the co-founder of Appaloosa Management, which he launched in 1993 after leaving Goldman Sachs. The hedge management company took off with an initial capital of $ 57 million, and since then it has never stopped growing; Appaloosa had $ 12 billion in assets under management in 2021.

In reviewing the Appaloosa equity basket, we chose three of the fund’s new holdings that TipRanks Database turns out to be “solid buys” and offers healthy upside potential. Let’s take a closer look and see what Wall Street analysts have to say.

Paysafe (PSFE)

Based on the Isle of Man under UK regulations, Paysafe is a multinational online payments processor, offering services through its namesake brand as well as through its subsidiaries including Neteller and Skrill. The company had a transaction volume of $ 92 billion last year, from businesses and consumers in 40 currencies around the world. Paysafe’s payment solutions are designed for mobile use and offer real-time analytics.

Like many companies over the past two years, Paysafe has jumped on the SPAC wagon, entering the public market through a merger transaction with a Special Purpose Acquisition Company (SPAC), in this case Foley Trasimeno Acquisition Corporation II. Paysafe and Foley completed the merger process in March of this year, and on March 31, PSFE shares began trading on the New York Stock Exchange.

Last May, Paysafe published its first report on results as a public company. For the first quarter, the company reported revenue of $ 377.4 million, up 5% year-over-year, derived from a total payment volume of $ 27.7 billion. dollars, up 8% year-on-year. The company strengthened its balance sheet with a one-time debt reduction payment of $ 1.2 billion, made after the PSPC merger, and ended the quarter with free cash flow of $ 108.5 million, in 28% increase over the quarter of last year.

Tepper, in his 13F file for the first quarter, revealed that his fund had bought 10 million shares of PSFE, a huge investment in the new stock. At current appraisal, this stake is worth $ 118.2 million.

Paysafe Coverage for RBC, 5 Star Analyst Daniel Perlin reminds investors that there are significant gains in reserve for the PSFE in 2021. Perlin rates the PSFE as an Outperforming (i.e. a Buy), and its price target of $ 19 implies an increase of 61% within one year. (To see Perlin’s track record, Click here)

“We believe that PSFE offers a unique combination of digital wallet capabilities, accelerated cash conversion for consumers who would otherwise be outside the ecom loop, and integrated payments, all focused on specialized and complex end markets, creating a competitive gap and pricing power, ”Perlin said.

Perlin adds that Paysafe offers one of the best combinations of services in the online payment space: “PSFE has created a unique bilateral network allowing merchants to accept payments online and in store (in specific vertical niches) , while providing consumers with a digital wallet and eCash solution, which converts large cash users into digital users. We believe that it is this combination that allows PSFE to generate participation rates higher than those of its peers.

Overall, it’s clear that Wall Street analysts generally agree with Perlin. Paysafe has registered 6 reviews, and all are positive, making the analyst consensus a strong buy. The average price target of $ 17.67 suggests a ~ 50% rise from the trade price of $ 11.82. (See the analysis of PSFE shares on TipRanks)

Baidu, Inc. (BIDU)

Tepper’s next pick is from China. Baidu is the largest online search engine in this country and, in fact, the largest Chinese language internet search platform. The 1.3 billion Chinese speakers make up the largest single language block in the world and give Baidu a huge natural user base. Baidu’s holds over 76% of the search engine market share in China, making it the second largest search engine in the world, and is investing heavily in AI initiatives. The company has a market capitalization of $ 64 billion.

So Baidu is great. It reached $ 4.3 billion in revenue for 1Q21, up 25% year-over-year. Diluted EPS, at $ 11.66, was light years away from the 1 cent value a year ago, and up 404% from $ 2.31 reported in 4Q20.

All of this – the strong leadership position in the research market in China and the strong earnings report – makes Baidu attractive. David Tepper, for his part, took a small step on this stock, with an initial position of 45,000 shares purchased during the first quarter. This block of shares is worth $ 8.83 million at current prices.

5 Star Analyst Jiang fawn, of Benchmark, writes of BIDU: “We are positive about the long-term growth prospects of AI-based companies in China, and BIDU is poised to benefit from favorable industry trends as a main player in AI. We believe BIDU is well positioned to become a significantly expanded TAM by capitalizing on growth opportunities in the cloud, smart transportation, smart driving, and other AI initiatives.

To that end, Jiang rates BIDU stock as a buy, with a price target of $ 370 to indicate a rise of around 95% over the next 12 months. (To look at Jiang’s background, Click here)

The word in the streets is extremely bullish for this tech stock, as TipRanks analyzes present BIDU as a strong buy. Of 19 analysts surveyed in the past 3 months, 16 say Buy while the other 3 say Hold. With a potential return of 62%, the consensual target price for the stock is $ 308.13. (See the analysis of BIDU shares on TipRanks)

DR Horton, Inc. (DHI)

Finally, Texas-based DH Horton is the largest homebuilder in the United States, by volume. The company operates in 91 markets in 29 states and has held a leadership position in the industry since 2002. In the past 12 months ending last March, DH Horton has closed 76,330 new homes. The company builds homes in a wide range of price ranges, from $ 150,000 to $ 1 million.

Over the past 12 months, shares of DHI have risen steadily. The stock rose 63% during that time, topping the S&P’s 37% year-over-year gain. In the most recent quarterly report, for fiscal 2Q21, DHI announced a 95% year-over-year increase in EPS, to $ 2.53, while revenue increased 43% to 6 , $ 4 billion. These gains come as the real estate industry recovers from the COVID pandemic. The company saw its net sales orders increase 35% from the quarter last year, to 27,059 units. The aggregate value of those orders was $ 8.8 billion, up 47%.

In addition to the ever increasing share price and financial results, DHI pays a modest dividend. At 20 cents a share quarterly, it returns a modest 0.8%; the important point here is not that the dividend is important, but that it is reliable, with a history of growth of 7 years behind it. This is another regular comeback from this solid company.

David Tepper, for his part, saw a lot to like about this stock, and his fund opened its DHI position with 1,165,000 shares, now worth $ 111 million.

BTIG Analyst Carl Reichardt also counts as a fan. Reichardt gives DHI shares a buy rating, and his price target of $ 124 suggests the stock is up 36% year-over-year. (To look at Reichardt’s record, Click here)

“This was another exceptional quarter, and DHI remains our preferred choice of large cap stocks given the company’s deep local market share positions, substantial relative growth, an efficient production business model, breadth of geographic markets, affordable entry-level domestic approach, consistent cash generation and conservative leverage, ”noted Reichardt.

Overall, analysts’ consensus on IHD is not unanimous, but almost. The consensus strong buy rating is supported by 11 buys against a single take. The shares are selling for $ 91.33 and the average price target of $ 110.25 indicates a rise of 21%. (See the analysis of DHI shares on TipRanks)

To find great ideas for trading stocks at attractive valuations, visit TipRanks’ Best stocks to buy, a recently launched tool that brings together all the information about TipRanks equity.

Warning: The opinions expressed in this article are solely those of the analysts presented. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Behind the borders: How much did the Covid-19 pandemic cost in the Isle of Man? | Grenade Fri, 04 Jun 2021 12:46:35 +0000

Video report by Joshua Stokes

New financial estimates from the Isle of Man government suggest the Covid-19 pandemic could cost the island up to £ 250million.

Treasury Minister Alfred Cannan MHK confirmed the figure after announcing his intention to borrow £ 400million.

During the pandemic, the Isle of Man suffered three separate lockdowns, but spent the majority of the time with little to no restrictions on the island.

However, one thing has remained constant, and these are border measures – remaining closed to tourists since the start of the pandemic in March 2020.

This meant that business owners in the travel industry continued to suffer for over a year.

Rikki Dunnage is the owner of Island Travel.

Rikki Dunnage claims her travel agency hasn’t sold a vacation since March 2020. Credit: ITV Granada reports

He currently has a government wage assistance program that covers 50% of bill payments, but he said half remains unpaid.

But he also has a bar below the company, which he says has been crucial in keeping the travel agency in business.

Rikki also owns The Front Porch in Douglas. Credit: ITV Granada reports

Unlike the UK, pubs and restaurants are open and have remained open for many months while the island was ‘Covid-free’.

Chief Minister Howard Quayle said the plan was still to reopen the island to tourists on June 28.

This will see all remaining restrictions lifted, meaning anyone can enter the island for the first time since the start of the pandemic.


The island’s Treasury Minister will address Parliament to ask members to back £ 400million in government loans, but says he will not pay for the pandemic.

These funds will be used to cover loan refinancing, to pay for the new Steam Packet Company ferry, and to fund future government infrastructure projects.

Alfred Cannan said “there has been a cash impact from Covid” but says the decision to borrow the money was not to pay for the pandemic. Credit: ITV Granada reports

He also said around £ 260million would be put into reserves which the minister said remains “healthy” at around £ 1.65bn.

Tynwald will be invited to support the movement at the next Tynwald session in June.

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Roads: Mick Grant’s Heron Suzuki XR69 to be auctioned Fri, 04 Jun 2021 10:34:00 +0000

Mick Grant’s Suzuki XR69 Heron


Road racing fans will have the opportunity to bid on Mick Grant North West’s Heron Suzuki XR69 200 later this month.

The original and vintage Suzuki XR69 motorcycle will be auctioned on June 20 and has a guide price of £ 95,000 to £ 110,000. Historians believe this example is one of three XR69s known to still exist and the actual machine that Grant won the North West 200 on in 1982.

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Grant received this bike as a gift from Suzuki when he retired from racing in 1985. The bike is exactly as he received it, wearing his Heron Suzuki Works racing colors and Mick’s number 10 racing medallion. .

Since receiving the XR69, Grant has demonstrated it at Spa and won a race on it in the South Africa Classic TT. The seven-time Isle of Man TT winner and sells it due to lack of use. More recently it has been a major attraction at the Motorcycle Museum on the Isle of Man.

Grant thinks there are only a handful of people who have cycled, including himself and Alan Cathcart. “This XR69 is still a nice machine and has been well maintained to keep me enjoying it on the track,” Grant said. “Every nut, bolt and washer is as it was in 1985, which means it’s very original. This is very rare for a racing bike that usually ends up evolving over time, losing its special parts and patina.

“It’s still as fresh as when I raced it. On this bike I had lap records and second places on the Isle of Man. I won the North West 200 there, set the lap record. at Donington Park and finished second in the Macau GP Lots of great memories but it’s time for someone else to take advantage.

This factory XR69 still wears its vintage and original Heron Suzuki livery, studded with stone chips and slight scuffs from its successful and documented track career. Unusually for a racing machine, it stays exactly as it ran in the last race and retains its dry clutch, rare triple barrel magnesium carburetors, hand-finished billet forks and twin spark plugs. .

The bike also retains all the logos of its original sponsors, including Team Heron Suzuki, Shell Oil, Champion, Dunlop and Sonic Intercoms.

Grant, who also had three Grand Prix wins in the mid-1970s, will provide a small cache of spare parts he collected for the machine and can sign the tanks and include a set of his leathers if the expected figure is of around £ 90,000. is accomplished.

the auction for Grant’s XR69 will debut June 20 and there will be no buyer fees to the winner.

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Hickman comments on on-board footage of current Isle of Man TT round record Fri, 04 Jun 2021 04:35:06 +0000

TT fans can still get their fix of road racing on what would have been TT’s first day of racing with an event at the Broadway Cinema in Douglas.

“Not the TT 2021” will feature an unreleased film by Peter Hickman commenting on on-board footage of the current TT lap record he set in the sixth round of the Senior TT in 2018 – 16m 42,778s.

Hickman will talk about what went through his mind during the lap, as well as how he tackles certain sections of the famous Mountain Course.

The second part of the show, which takes place on Saturday June 5 at 11 a.m., features one of the most famous names in road racing of the 80s and 90s.

Dave Leach, four-time TT winner and 17-time Southern 100 winner, will speak with ITV Isle of Man TT commentator Dave Moore to discuss his career.

Profits from the event will be donated to the Manx Solidarity Fund, which provides financial support to individuals, businesses and charities that have suffered financially as a result of the Covid pandemic.

Tickets for the ‘Not the TT 2021’ are priced at £ 10 and can be booked through the Villa Marina website.

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Watch Ocean City Man ride in the wake of the Cape May Lewes ferry Thu, 03 Jun 2021 08:23:12 +0000

When the waves don’t come to you, you have to go to the waves.

Sounds like kind of a surfer’s mantra, right? Well, I just made it up.

It goes perfectly with this story of professional surfer Rob Kelly and how he found a wave in an unlikely place – next to one of the ferries that carry passengers and vehicles for the Cape May Lewes Ferry.

In case you didn’t know, Kelly grew up spending weekends in Ocean City and literally surfed all over the world.

Kelly has a YouTube channel – Numb skulls – which contains many videos of him surfing the Jersey Shore and more.

Kelly was surfing the area last Friday when he decided to catch one of the boats for the Cape May Ferry. He got off, jumped into the water, and for a few minutes rode the ferry’s wake.

(Hey, Rob! Do you need a special Cape May Lewes Ferry ticket for this?)

Here is the video of Rob’s adventures that day. If you don’t want to watch the whole video, you can skip to 5.30am, where it joins the ferry leaving Cape May.

Maybe next time the ferry captain can speed up a bit?

Here’s another video of Kelly from the start of the year on Long Beach Island:

Hey Rob – when is my lesson?

Be sure to tune in to the Cat Country Morning Show with Joe and Jahna, weekdays from 5:30 a.m. to 10 a.m. on Cat Country 107.3, on the Cat Country 107.3 app and

WATCH: Here are America’s 50 Best Beach Towns

Each beach town has its own set of pros and cons, which got us thinking about what makes a beach town the best place to live. For the knowledge, Stacker consulted WalletHub data, published on June 17, 2020, which compares American seaside towns. Ratings are based on six categories: affordability, weather, safety, economy, education and health, and quality of life. The towns had a population of 10,000 to 150,000, but they had to have at least one local beach listed on TripAdvisor. Read it full methodology here. From these rankings, we selected the top 50. Readers who live in California and Florida will not be surprised to learn that many of the cities featured here are in one of these two states.

Read on to see if your favorite beach town has made the cut.

LOOK: The most unusual and wonderful attractions of Route 66, state by state

Stacker has compiled a list of 50 attractions – state by state – to see along the way, drawing on information from historical sites, news, America roadside, and the National Park Service. Read on to find out where travelers can have fun on Route 66.

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Government to ask Tynwald for permission to borrow £ 400million Thu, 03 Jun 2021 06:00:00 +0000

Cannan says this move will lay a “solid foundation” for the next government ”

The Treasury Minister is expected to ask Tynwald later this month for permission to borrow £ 400million.

If approved, the money will be used to refinance around £ 260million of internal debt owed to the government by Steam Packet and Manx Utilities.

£ 80million would be paid to the ferry company for the new ship ‘the Manxman’ – the remaining funds would be available for capital spending on health, climate change and infrastructure.

Alfred Cannan says market conditions like low interest rates mean it might be cheaper to borrow rather than draw on reserves.

The £ 200-250million impact of Covid-19 on the Manx economy is also a factor behind the financial motion for Tynwald.

Mr Cannan warned that “terms may not be there” for similar borrowing in six months with lower interest rates, an attractive draw.

It is understood that the Treasury considers the sterling bond market “probably the most liquid”.

External advisers have been selected to assist the government in the process with any borrowing estimated to last “up to forty years”.

Internal debts to be refinanced include £ 178 million owed by Manx Utilities for infrastructure.

Mr Cannan said “no cost will be passed on to customers and the authority’s financial plans will not be disrupted.”

When the Steam Packet was purchased in 2018 it was loaned for £ 76million which will now be refinanced as part of the proposal.

Despite the proposed loan and refinancing, the two public companies will continue to repay the treasury.

Mr. Cannan spoke with Ewan Gawne:

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An ongoing incident involving police at Wightlink’s Portsmouth Gunwharf terminal is causing disruption this morning (Thursday), with the cross-Solent operator already reporting delays of 2 hours.

Hampshire Police are asking people to avoid the terminal area and confirm that travel to the island will be disrupted.

At this point, it’s unclear exactly what prompted the emergency response, but Wightlink says it’s customer-related.

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Isle Echo understands that the 3am departure from Portsmouth did not work, the last ferry arriving at the port – the Victoria of Wight – just before 2am.

Those traveling to and from the island should be prepared for significant disruptions throughout the morning and potentially the rest of the day.

UPDATE @ 05:57 – Wightlink is now advising that the Portsmouth-Fishbourne service has been suspended until further notice.

Customers are kindly requested not to arrive before being notified. An update is expected around 6:30 am.

UPDATE @ 06:20Island Echo understands that the incident at the Wightlink terminal in Portsmouth has now been resolved.

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The circumstances of the incident are still unknown, which caused islanders and tourists to be several hours late.

Wightlink has yet to release updated guidance for passengers, but an update is expected shortly.

UPDATE @ 06:30 – Although the incident has been “resolved”, Wightlink has announced that its service between Fishbourne and Portsmouth is to remain suspended – although no indication has so far been given on how long.

A spokesperson for Wightlink said Island Echo:

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“All customers booked on this route today are likely to be affected.

“We will keep them informed by email this morning. “

UPDATE @ 07:24Island Echo Understands that Portsmouth Police and the Hillhead Coast Guard Rescue Team were called to Wightlink’s Gunwharf Terminal around 3 a.m. this morning after a drunk passenger threatened to jump overboard shortly time before the vessel leaves its berth.

The harbor master had ordered the vessel to remain in its place due to concerns about the passenger who was allegedly intoxicated at the time of the incident.

Wightlink says its Fishbourne service to Portsmouth has now resumed, but passengers are experiencing delays of around 1 hour.

UPDATE @ 10:23 – Hampshire Constabulary confirmed she was called in over a ‘public order incident’ shortly after 3:00 am after a group of 6 refused to leave the Portsmouth terminal.

Police said a man boarded the ferry before refusing to leave, in which case specialist officers were enlisted.

A 31-year-old Isle of Wight man has since been arrested on suspicion of aggravated trespassing and public nuisance.

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Waterfall City developer Attacq has now sold more than R12 billion to MAS Wed, 02 Jun 2021 22:01:12 +0000

JSE-listed real estate investment trust (Reit) Attacq aggressively cuts its debt-to-loan-to-value (LTV) ratio with news of another asset sale on Tuesday as it weathered the financial crisis of Covid-19.

The group, which is the developer of Waterfall City’s multibillion Rand mega-development in Gauteng and majority owner of Mall of Africa, revealed in a statement from Sens that it had sold an additional Rand 328 million stake in MAS Real Estate to three South Africans. fund managers.


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This follows the sale of two stakes in European-oriented MAS in December 2020 and March of this year, for a total of R888 million.


The R500 million sale in December was to an investment company linked to the Oppenheimer family, while the March deal was with PKM Development Limited.

With this week’s deal, that effectively means Attacq has sold around two-thirds or just over Rand 1.2 billion of his stake in the Isle of Man-based group since December of this year. last.

Before the disposals, Attacq held a 20.7% stake in MAS, valued at 1.8 billion rand. This made it the largest shareholder in the offshore fund, which incidentally has a secondary listing on the JSE.

Much of the sales money is used to repay the South African Reit’s euro debt, which will also help reduce the group’s gearing or LTV levels.

Attacq’s LTV crossed 46% in December 2020, prompting the group’s leaders to approach its banks to bring the fund’s level of covenant to 60%.

It came in the wake of the financial fallout from Covid-19, which saw the group’s property valuations and stock prices plummet last year. This in turn has seen its LTV ratio skyrocket, as has been the case with several other investment firms such as Redefine Properties and Rebosis Property Fund.


The last sale by Attacq of its investment in the MAS was made at a discount, according to its press release from Sens.

“The sale price of R16 per MAS share represents a 3% discount from the closing spot price of R16.50 on May 28, 2021. [being the date prior to the agreement of terms] and a 3.7% discount from the 30-day volume weighted average price of R16.61 on the same date, ”he noted.

This discount indicates a sort of forced sale given that Attacq and his JSE-listed colleague Reit Hyprop are currently struggling to sell their joint assets in the rest of Africa.

“The proceeds of the sale will be used to settle Attacq’s remaining debt in euros and finance future development opportunities,” he said.

“Attacq does not intend to sell any of its remaining MAS shares in the foreseeable future,” he added.

However, while the group said late last year that it was looking to divest around R2 billion in assets to strengthen its balance sheet and improve LTV levels, it did not mention that it was considering selling its stake in MAS at the time.

“This sale is in line with Attacq’s stated desire to reduce its overall indebtedness and improve its interest coverage rate. Following the [latest] sale, Attacq’s remaining stake in MAS will be 46,157,934 shares, representing 6.5% of the issued share capital of MAS ”, he specified in the Sens press release.

Attacq stated that the buyers and the portion of the sale proceeds attributable to each buyer (in connection with the last sale of MAS shares) are as follows:

  • Prudential Investment Managers (on behalf of the underlying clients in terms of discretionary mandates) – 12 million shares for 192 million rand
  • Meago Asset Managers (on behalf of its clients) – 5.5 million shares for 88 million rand; and
  • Sesfikile Capital (on behalf of its clients) – three million shares for R48 million.

“The disposals are not subject to any condition precedent and will be carried out by way of off-market block transactions on or around June 2, 2021,” Attacq specified.

Speaking to Moneyweb about Attacq’s latest sale to MAS, Garreth Elston, chief investment officer at Reitway Global, said the move made sense because it means South African Reit would structure its business better.

“From the point of view of an Attacq investor, it is also more efficient because if investors want exposure to MAS, they can get it directly, rather than owning shares in a company with some ownership. SA in addition to MAS, ”he explained.

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Are you exempt from performing an audit? – Company / Commercial law Wed, 02 Jun 2021 15:41:22 +0000

Malta: Are you exempt from performing an audit?

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Did you know that you can be exempted from carrying out a legal audit in Malta? Many have asked us if it is possible to save money by doing an audit, especially startups. The financial regulator heard these requests and published in 2019 the legal opinion 101 which bears the name Companies Regulation (exemption from verification). This new regulation exempts a small number of companies from having their financial statements audited for the first periods.

Many governments, economists and policymakers around the world say small businesses and start-ups are the backbone of a strong economy. As such, governments all over the globe are trying to implement new measures that encourage new businesses to grow and prosper.

Malta is no exception. On the contrary, the island tries to attract and encourage new businesses to settle there. One of the many steps taken to ensure that the jurisdiction is viewed in a more favorable light than others has been to remove the statutory audit requirement, albeit for a limited period of time.

This subsidiary regulation has been drafted on only 2 pages to keep it simple and avoid bureaucracy. With this in mind, in addition to requiring the company to be registered in Part 5 of the Companies Act, only 2 criteria have been listed to exempt a company from having to perform an audit in Malta.

The first test that has been established requires ALL shareholders of the company to be qualified shareholders. The regulation defines qualified shareholders as those who have obtained qualifications classified at least at MQF3 level. MQF stands for Malta Qualification Framework. O-level exams are considered MQF3. To learn more about the MQF and the different levels, click on here.

The second and only other criterion which is part of this regulation requires the company to have a turnover of less than 80,000 euros over 12 months. If the first count is more than 12 months, the 80,000 euros must be prorated.

This exemption is not automatic and is only applicable for the first 2 years. It is up to the directors to request such an exemption by sending a letter to the Registrar of Companies confirming that the above criteria have been met and that the Company is not availing itself of any other exemption. This letter must be sent within the first six months of the end of the year.

Finally, the registrar notifies the commissioner that the company has availed itself of such an exemption.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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Setting up a business in Malta: a step-by-step guide

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The Republic of Malta offers a multitude of advantages to those who decide to open a business locally: from tax exemptions to the low costs of setting up and maintaining the business, it is understandable why foreign investors prefer to set up their business …

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