**Updated with statement by Finco Treasury Management below 

Malta International Airport plc has been forced to respond to a claim by outspoken local stockbroker Paul Bonello that a trade involving the listed company’s shares involved some form of insider trading.

The incendiary comment was posted to social media in his personal capacity by the Finco Treasury Management Managing Director on Thursday (yesterday) afternoon.

“Very evidently some insiders, or those tipped by them, made illicit trades today on the Malta Stock Exchange (MSE) when the Malta International Airport share price jumped from €5.65 to €5.95 between 12:10 and 12:40 of today’s MSE session,” he wrote.

“Unless of course they had some Madonna sightings who will have foretold them of an MIA Company Announcement issued immediately after end of session, 15:41 to be exact, advising the market of a net interim dividend of 6 cents per share and a top performance half yearly results.”

Paul Bonello / Photo by Tyler Calleja Jackson

He asked: “But then in an island flooded and mired with sleaze is it such big news that this should happen? FCID [the Malta Police Force’s Financial Crime Investigation Department] this is more important than a pastizzar not issuing a VAT receipt on the sale of a €1 pastizz in Paola square.”

He also questioned what the Malta Financial Services Authority would do: “Will it spend some six months investigating only to find that ‘everything is in order’?

In its response, issued late on Thursday afternoon, MIA said it “wishes to address comments on […] alleging irregularities in today's trading of MIA shares.”

It said that it has “a significant track record of communication with the market over time,” pointing out that it “regularly issues monthly announcements on passenger numbers, quarterly financial statements, and company updates ahead of board meetings scheduled to consider the approval of financial statements and the declaration of dividends.

“These announcements are accessible on our website and the Malta Stock Exchange website. “

It also pointed out that it had previously disclosed that the Board of Directors would consider the proposal of an interim dividend at Thursday’s board meeting.”

Speaking to WhosWho.mt, Mr Bonello clarifies that he was not suggesting or implying any improper behaviour on the part of MIA itself, apart from reporting on its website that the closing share price was €5.75 when in fact it was €5.95.

However, he questioned why the company would “become hot under the collar” – suggesting “auto-accusations”.

“Its role is to report any suspect pattern and to co-operate in investigation.”

He also said “it would be interesting for MIA to disclose the time the board meeting [on Thursday] started and ended, and how this relates to trades starting at 12:05.”

Not everyone found the trade of 40,000 MIA shares so suspicious. One person replying to Mr Bonello's said the increase in share price was only to be expected after the airport posted positive results month after month. 

Back in May, MIA had acknowledged the "disparity between [its] strong financial performance and share price recovery," indicating that it will be "making considerations regarding the optimisation of shareholder value over the coming year."

Prior to the COVID-19 pandemic, MIA's share price stood at around €8, but now remains stuck far below that level despite record passenger numbers and strong profits. 

"I think you are reading too much into this, and causing unnecessary alarm," the commentor told Mr Bonello. 

He also noted that the same jump in share price had occurred precisely one year ago, apparently on the day following the publication of the company's results, to which Mr Bonello sarcastically quipped: "This time [the share price jumped] before the results. You see how Malta is progressing in fintech?"

*** Finco Treasury Management Limited statement in response to Paul Bonello:

The views shared by Paul Bonello on Social media on Thursday 1st August 2024 regarding irregular trading activity of the Malta International Airport plc shares are thoughts and comments expressed by the above mentioned Director in his own personal capacity. 

These above views are not shared by Finco Treasury Management Limited Board of Directors and the sole shareholder, Chris Casapinta.