Significant Change: There has been no significant change in the financial or trading position of the Issuer since the end of its last financial period. B.13 Recent events particular to the Issuer which are materially relevant to the evaluation of the Issuer's solvency There are no recent events particular to the Issuer which are materially relevant to the evaluation of the Issuer's solvency. B.14 Dependency of the Issuer on other entities within the group The Issuer does not form part of a group of companies. B.15 Description of the Issuer's principal activities The Issuer was established in June 2014 to carry out the business of a property development, property-owning, finance and investment company. Its principal activity is to hold commercial property for investment purposes and to generate returns from the property which it holds by virtue of the rental of such property or units therein to third parties. It is empowered to purchase, take on lease, exchange, or acquire movable or immovable property. B.16 Description of whether the Issuer is directly or indirectly owned or controlled, by whom and nature of such control The Issuer is not controlled by any one single entity. B.17 Credit ratings assigned to the Issuer or their debt securities There are no credit ratings assigned to the Issuer or its debt securities.
To arrive at the open market value of the property in its existing state At the date of valuation and the estimated present capital value at current prices and on the basis of current market conditions, which valuation is to be accepted as the purchase price and the selling price binding both the buyers and the sellers after both the buyers and sellers mutually agreed to the appointment of architect Joe Cassar to carry out this valuation. Data Consulted This evaluation relies on information provided by the directors of CBC as well as the following data: Deeds of title; Property surveys presented by CBC; Planning Permits; Construction and finishing costs; Annual maintenance costs; Anticipated long term replacement costs of worn out elements; Expected revenue streams of letting prices; Financial feasibility studies; Phasing of the project and programme for development Inspections For the purpose of this evaluation a number of site inspections were carried out during the past weeks. Description of the Property The Property being evaluated comprises a group of buildings with commercial and industrial uses located at Mdina Road, Zebbug. Mdina Road is one of the busiest arterial roads providing an easy access from both the North and South areas of Malta. Being easily accessible and being centrally located the premises offers a number of advantages. The site on which the Property is situated is located outside the limits of development of Zebbug, within an area of Containment. The present building footprint is 2095m² which is approximately 14% site coverage. The North and East areas around the site are characterized by agricultural land with irregular mixed ribbon development situated on Mdina Road. The site slopes down away from Mdina Road towards the Northern area. An electricity sub-station also exists on the Southern periphery of the site, adjacent to the small car park and next to the existing showroom.
vii. Planning Permits The site has been included within the containment area outlined in plan AC3 of the South Malta Local Plan approved in August 2006. It is also covered by the following planning permissions. Ref Permit Proposal Approved Validity 1 2 3 4 5 6 7 8 9 PB 4449/81/3810/81 PB 3250/82/3810/81 PB 1889/87/87/3810/81 PB 1889/87/87/3810/81 PB 1889/87/87/3810/81 PA 02523/92 PA 04232/93 PA 06470/02 PA 00525/10 Erect workshop & offices Erect workshop, offices & showroom as per amended plans To erect first floor To erect boundary wall To erect boundary wall as per fresh Plans To extend existing factory & warehouse – Appealed but refused Renewal to erect boundary wall Outline ‘To extend factory as per Appeals decision in PA2523/92’ Non executable permit ‘To extend existing factory to include 2 levels of parking. Present uses to be retained but existing rooms to be demolished Full development ‘To extend factory as per Appeals decision in PA2523/92’ Non executable permit ‘To extend existing factory to include 2 levels of parking. 03/09/1981 08/07/1982 24/04/1987 22/11/1991 05/11/1992 Refused 09/11/1997 7/03/2008 17/11/2014 03/09/1982 08/07/1983 24/04/1987 22/11/1993 05/11/1994 09/11/2002 7/03/2013 17/11/2019
Central Business Centres p.l.c. Cortis Group, Cortis Buildings, Mdina Road, Zebbug, ZBG4211, Malta ` Legal Counsel Sponsor, Manager & Registrar MAMO TCV Palazzo Pietro Stiges, 103, Strait Street, Valletta, VLT 1436 Calamatta Cuschieri Investment Services Ltd. Ewropa Business Centre, Triq Dun Karm, Birkirkara BKR 9034, Malta