
The Comeback Of Sherry, The Remarkable Spanish Wine
BKWine Photography
For many people, sherry is sweet, high in alcohol and old-fashioned. Sherry is indeed a fortified wine, so it is higher in alcohol than a normal wine. However, much of the sherry production is dry and not that high in alcohol. And even though some of the high-quality sweet sherries are magnificent wines, we are particularly fond of the dry ones. These are truly unique wines. And they go surprisingly well with food.
Sales of sherry have declined since its heyday. People drink less but are more demanding and ask for higher quality. Premium sherry is increasing its sales; inexpensive sherries and cream sherries (many will remember Bristol Cream) are decreasing.
Carlos Gonzalez-Gordon from Gonzalez-Byass is confident: 'Sherry is coming back, and dry sherries are growing. These are gastronomic wines, and there is a lot of interest from young consumers, for instance, to combine the dry style with salty food.'
Carlos Gonzalez-Gordon of Gonzalez-Byass in the sherry region, copyright BKWine Photography
BKWine Photography
In recent years, a new dynamic has been palpable in the three sherry towns that form the famous sherry triangle: Jerez de la Frontera, Sanlúcar de Barrameda and Puerto Santa María. More or less, all of the producers, small or large, have their cellars in one of these towns. Sanlúcar and Santa María are on the Atlantic Coast, and Jerez is half an hour inland. Traditionally, it has been the big houses that have ruled, just like in Rioja and Champagne. Still, smaller producers have emerged, adding new dimensions to this old and classic wine region.
Gonzalez-Byass is one of the most famous sherry houses. It was founded by Manuel María González Ángel in 1835. Their delicious Tio Pepe, a fino, the driest style of sherry, is found in most markets around the globe.
So, what is so special about sherry? Carlos Gonzales Gordon talks about five factors that stand out and make sherry the wine it is: the soil, the grapes, the solera and the two kinds of ageing, biological and oxidative.
Sherry is made in Andalusia, Spain's southernmost region, where the sun is abundant. The summers are hot and dry, and it is hard to understand how the vines can survive here. The secret is in the soil. This calcareous soil, called albariza, soaks up water like a sponge when it rains and supplies the vines with moisture during the rainless summers. 'Despite the dry climate,' says Carlos, no producers here irrigate.'
The white albariza soil in the sherry region in Andalucia, Spain, copyright BKWine Photography
BKWine Photography
A white grape, palomino, is the most important and most planted variety. It is used for all styles of sherries, fino, manzanilla, amontillado, oloroso, palo cortado. Only the very sweet sherries are made with another grape called pedro ximenes, also a white variety.
Palomino thrives in the albariza soil of the sherry region. It gives a wine with a relatively neutral taste. But a sherry is much about the winemaking and the ageing in the cellar. The finished product is complex and intense in style, anything but neutral.
The harvest and fermentation proceed as usual, and the wine ferments completely dry to an alcohol content of 11–12%. It is then placed in barrels that are not filled completely. After tasting, the barrels are carefully checked and divided into two main groups: a group for fino and manzanilla, the lightest wines, and a group for oloroso.
Sherry is not sold with any particular vintage, but once the casks have been classified by style (fino, oloroso, etc.), they are placed in a so-called solera where casks of wine from different ages are stacked on top of each other. The oldest wine is at the bottom, and from here the wine is bottled and then topped up with the same amount from the cask above, which in turn is topped up, etc. This way, you can maintain a constant quality year after year and get a certain amount of old, characterful wine in all the bottles.
A barrel cellar in the sherry region with a solera of manzanilla, copyright BKWine Photography
BKWine Photography
The fino/manzanilla group is fortified with spirit up to 15%. This allows the flor to develop, which will protect the wine from oxidation and at the same time give the wines a very special character. This aging is called crianza biológica.
Flor is a yeast film that forms on the surface of the wine as a barrier between the air and the wine. The yeast consumes the glycerol in the wine, contributing to a fino's special, very dry character. The flor also helps the alcohol in the wine to oxidize. This produces acetaldehyde, which gives the wine a kind of saltiness and aromas of almonds.
The difference between a fino and a manzanilla is that the manzanilla has aged in Sanlúcar de Barrameda.
'The flor gives taste and elegance,' says Mercedes Cantos Ruiz, owner of Bodega Juan Piñero, one of the newer cellars in the region, located in the centre of Sanlúcar. 'Here in the area, we have always made wines with flor. The yeast comes naturally thanks to the climate.' Mercedes and her team make some lovely salty, fresh and very dry manzanillas. A favourite is Maruja Manzanilla Pasada En Rama with 12 years of ageing. It is intensely delicious and complex, with a great length.
Mercedes Cantos Ruiz, owner of Bodega Juan Piñero and two cellar workers in the barrel cellar, copyright BKWine Photography
BKWine Photography
The Oloroso group is fortified with spirits to raise the alcohol content to around 17%, thereby killing the yeasts that could have developed flor. Instead, the wines undergo oxidation during ageing, which causes the colour to darken and the aromas to concentrate. This aging is called crianza oxidativa.
Oloroso is sometimes sold dry (dry oloroso/oloroso seco), a fantastic wine, but can also be sweetened with pedro ximenes wine.
A barrel in a cellar in Jerez de la Frontera, Andalusia, filled with sherry where you can see the "flor", copyright BKWine Photography
BKWine Photography
Amontillado is a stronger variant of fino. An amontillado has undergone three years of crianza biológica. After these three years, the wine is fortified up to 17-18%, and oxidative ageing occurs instead. An amontillado is also a dry wine, but richer than a fino.
Sherry is adapting to new consumer trends. The minimum alcohol level will probably soon be lowered from 15 to 14 %. A few innovative producers now make non-fortified wines with flor in the same style as fino.
A fino or a manzanilla will taste very different from anything else the first time you taste it. But after the second sip you realize just how well it pairs with salted almonds, olives, Iberico ham, tuna, grilled octopus, gazpacho, gambas in garlic olive oil… And it is a wine you cannot gulp down; every sip demands reflection.
—Britt Karlsson
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Business Wire
a day ago
- Business Wire
The St. Joe Company Reports Second Quarter and First Half 2025 Results and Declares a Quarterly Dividend of $0.14
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For the first half of 2025, the Company funded $69.2 million in capital expenditures, paid $16.3 million in cash dividends, repurchased $16.2 million of the Company's common stock and repaid net amount of $10.2 million of debt. As of June 30, 2025, the Company had $88.2 million in cash, cash equivalents and other liquid investments, as compared to $88.8 million as of December 31, 2024. As of June 30, 2025, the Company had $266.7 million invested in development property, which, when complete, will be added to operating property or sold. As of June 30, 2025, the weighted average effective interest rate of outstanding debt was 4.8% with an average remaining life of 18.7 years. As of June 30, 2025, 75% of the Company's outstanding debt had a fixed or swapped interest rate while the remaining 25% of debt has interest rates that vary with SOFR. Company debt as of June 30, 2025 is approximately 28% of the Company's total assets. Earnings Call As discussed at the 2025 Annual Meeting of Shareholders, the Company will conduct an earnings call on July 24, 2025, at 3:00 p.m. Central Time: 4:00 p.m. Eastern Time to discuss the Company's performance and answer questions. Additional Information and Where to Find It Additional information with respect to the Company's results for the second quarter and first half of 2025 will be available in a Form 10-Q that will be filed with the Securities and Exchange Commission ('SEC') and can be found at and at the SEC's website We recommend studying the Company's latest Form 10-K and Form 10-Q before making an investment decision. FINANCIAL DATA SCHEDULES Financial data schedules in this press release include consolidated results, summary balance sheets, corporate and other operating expenses and the reconciliation of EBITDA, a non-GAAP financial measure, for the second quarter and first half of 2025 and 2024, respectively. Summary Balance Sheet (Unaudited) ($ in millions) December 31, 2024 Assets Investment in real estate, net $1,048.9 $1,040.4 Investment in unconsolidated joint ventures 73.8 66.5 Cash and cash equivalents 88.2 88.8 Other assets 81.8 80.3 Property and equipment, net 52.6 59.1 Investments held by special purpose entities 203.1 203.5 Total assets $1,548.4 $1,538.6 Liabilities and Equity Debt, net $427.2 $437.8 Accounts payable and other liabilities 60.7 53.9 Deferred revenue 60.4 59.3 Deferred tax liabilities, net 71.5 72.4 Senior Notes held by special purpose entity 178.7 178.5 Total liabilities 798.5 801.9 Total equity 749.9 736.7 Total liabilities and equity $1,548.4 $1,538.6 Expand Corporate and Other Operating Expenses (Unaudited) ($ in millions) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Employee costs $3.2 $3.1 $6.0 $6.8 Property taxes and insurance 1.6 1.2 3.2 2.7 Professional fees 0.7 0.6 2.0 1.7 Marketing and owner association costs 0.3 0.4 0.6 0.5 Occupancy, repairs and maintenance 0.1 0.1 0.2 0.3 Other miscellaneous 0.5 0.5 1.0 0.9 Total corporate and other operating expenses $6.4 $5.9 $13.0 $12.9 Expand Reconciliation of Non-GAAP Financial Measures (Unaudited) ($ in millions) EBITDA is a non-GAAP financial measure, which management believes assists investors by providing insight into the operating performance of the Company across periods on a consistent basis and, when viewed in combination with the Company results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting the Company. However, EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP. EBITDA is calculated by adjusting 'Interest expense', 'Investment income, net', 'Income tax expense', 'Depreciation, depletion and amortization' to 'Net income attributable to the Company'. Important Notice Regarding Forward-Looking Statements Certain statements contained in this press release, as well as other information provided from time to time by the Company or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as 'guidance,' 'anticipate,' 'estimate,' 'expect,' 'forecast,' 'project,' 'plan,' 'intend,' 'believe,' 'confident,' 'may,' 'should,' 'can have,' 'likely,' 'future' and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking statements in this press release include statements regarding our growth prospects; diversifying our business; plans to maintain an efficient cost structure; our capital allocation initiatives, including investments in our business, dividends and opportunistic stock repurchases; plans regarding our joint venture developments; and the timing and impact of current developments and new projects in 2025 and beyond. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. The Company wishes to caution readers that, although we believe any forward-looking statements are based on reasonable assumptions, certain important factors may have affected and could in the future affect the Company's actual financial results and could cause the Company's actual financial results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company, including: our ability to successfully implement our strategic objectives; new or increased competition across our business units; any decline in general economic conditions, particularly in our primary markets; interest rate fluctuations; inflation; higher insurance costs and our ability to obtain adequate insurance coverage for our properties; financial institution disruptions; supply chain disruptions; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; imposition of tariffs and uncertainty regarding trade policies; changes in consumer sentiment and confidence that may impact demand across our segments; our ability to successfully execute or integrate new business endeavors and acquisitions; our ability to yield anticipated returns from our developments and projects; our ability to effectively manage our real estate assets, as well as the ability for us or our joint venture partners to effectively manage the day-to-day activities of our projects; our ability to complete construction and development projects within expected timeframes; the interest of prospective guests in our hotels, including the new hotels we have opened since the beginning of 2023; reductions in travel and other risks inherent to the hospitality industry; the illiquidity of all real estate assets; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of our investment portfolio; any potential negative impact of our longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements; our dependence on homebuilders; mix of sales from different communities and the corresponding impact on sales period over period; the financial condition of our commercial tenants; regulatory and insurance risks associated with our senior living facilities; public health emergencies; any reduction in the supply of mortgage loans or tightening of credit markets; our dependence on strong migration and population expansion in our regions of development, particularly Northwest Florida; our ability to fully recover from natural disasters and severe weather conditions; the actual or perceived threat of climate change; the seasonality of our business; our dependence on certain third party providers; the inability of minority shareholders to influence corporate matters, due to concentrated ownership of largest shareholder; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations in the areas where we operate; changes in tax rates, the adoption of new U.S. tax legislation (including the One Big Beautiful Bill Act), and exposure to additional tax liabilities, including with respect to Qualified Opportunity Zone program; new litigation; our ability to attract and retain qualified employees, particularly in our hospitality business; our ability to protect our information technology infrastructure and defend against cyber-attacks; increased media, political, and regulatory scrutiny negatively impacting our reputation; our ability to maintain adequate internal controls; risks associated with our financing arrangements, including our compliance with certain restrictions and limitations; our ability to pay our quarterly dividend; our ability to repurchase stock under our stock repurchase program; and the potential volatility of our common stock. More information on these risks and other potential factors that could affect the Company's business and financial results is included in the Company's filings with the SEC, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of the Company's most recently filed periodic reports on Form 10-K and subsequent filings. The discussion of these risks is specifically incorporated by reference into this press release. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made, and we do not undertake to update these statements other than as required by law. About The St. Joe Company The St. Joe Company is a diversified real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at © 2025, The St. Joe Company. 'St. Joe ® ', 'JOE ® ', the 'Taking Flight' Design ®, 'St. Joe (and Taking Flight Design) ® ', 'WaterColor ® ' and 'Watersound ® ', and other development names used herein are the registered service marks of The St. Joe Company or its affiliates or others. The St. Joe Company NYSE:JOE Release Summary THE ST. JOE COMPANY REPORTS SECOND QUARTER AND FIRST HALF 2025 RESULTS AND DECLARES A QUARTERLY DIVIDEND OF $0.14 Release Versions English Contacts St. Joe Investor Relations Contact: Marek Bakun Chief Financial Officer 1-866-417-7132 More News From The St. Joe Company Get RSS Feed The St. Joe Company to Announce Second Quarter 2025 Results and Hold Earnings Call for the Second Quarter PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--The St. Joe Company to Announce Second Quarter 2025 Results and Hold Earnings Call for the Second Quarter... Families Flock to Northwest Florida for Holiday Weekend, Resulting in Strong Performance for St. Joe® Hotels and Hospitality Assets PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--Northwest Florida welcomed a surge of visitors over the Fourth of July holiday, resulting in strong performance for the region's hospitality and tourism industry, including hotels and resorts in The St. Joe Company (NYSE: JOE) ('St. Joe') (the 'Company') portfolio. On July 4, guests occupied over 99% of the Company's 1,298 hotel rooms across 12 hotels and resorts with an average daily rate ranging from the mid $200's to the low $1,000's per night—offeri... Topgolf First to Open at the Pier Park City Center℠ Development in Panama City Beach, Florida PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--The St. Joe Company (NYSE: JOE) ('St. Joe') celebrates the opening of Topgolf at the Pier Park City Center development, a St. Joe mixed-use site that broke ground in 2024 in Panama City Beach, Florida. The two-level golf and entertainment venue opened on June 27, 2025 and is the tenth Topgolf location in Florida. The first Pier Park City Center business to open, Topgolf features 74 outdoor climate-controlled hitting bays along with a full-service restau... The St. Joe Company NYSE:JOE Release Summary THE ST. JOE COMPANY REPORTS SECOND QUARTER AND FIRST HALF 2025 RESULTS AND DECLARES A QUARTERLY DIVIDEND OF $0.14 Release Versions English Contacts St. Joe Investor Relations Contact: Marek Bakun Chief Financial Officer 1-866-417-7132


Business Journals
2 days ago
- Business Journals
Buying in: What Orlando small businesses need to know about purchasing commercial property
Several years ago, a contractor in Orlando found itself facing a serious problem: Its service vehicles, stocked with expensive equipment, were the constant targets of break-ins. The contractor had leased an office with an unsecured parking lot in a part of town with higher-than-average crime rates, and the company was struggling as a result. When the lease expired, the contractor moved multiple times before finally deciding to purchase its own office building — specifically one with gated parking. This decision solved a lingering problem and created new opportunities, allowing the company to invest in building a showroom to showcase its work and win over potential customers. 'Purchasing a building adds value to the business by allowing it to build equity through appreciation and have control over how the space is used,' said Giselle Gonzalez, assistant vice president, commercial loan officer, at Orlando-headquartered FAIRWINDS Credit Union, which helped the company finance the transaction. 'The company has a beautiful new space that's more secure and will be its permanent home for years to come.' Gonzalez said more business owners may consider purchasing property for the first time given that Orlando's business base is among the fastest growing in the country. She and Jonathan Russell, senior vice president, lending, recently spoke with the Orlando Business Journal about what business owners should consider before making a purchase. expand How to know when the time is right to purchase Business owners often decide to purchase a commercial property when they feel that owning aligns with their long-term objectives, Russell said. Key questions to consider include: What are your long-term plans for the business? How will property ownership affect your flexibility and ability to scale? How will this piece of real estate help add value to your business? Once owners have good answers to those questions, along with the confidence they can cover mortgage payments and maintenance costs, they may feel ready to proceed toward a deal, Russell said. Reasons it may be time to purchase a commercial property include: Your business is financially stable, with consistent cash flow and strong reserves. Lease terms have become unfavorable or unpredictable. You are confident in the market and location over the next five to 10 years. You need more control over your space and operations. The company has outgrown its current space, and you want to control how your new, larger space is designed or are looking downsize. Market conditions, including property valuations and the interest rate environment, are favorable. 'It's often the combination of internal and external factors coming together that makes it a good time to buy,' Gonzalez said. 'Small businesses that take advantage of those conditions, just like the contractor, can create spaces that reflect and empower their brands.' What type of financing makes sense? The U.S. Small Business Administration (SBA) 504 loan is designed for small businesses to purchase owner-occupied commercial real estate. This financing involves a conventional bank loan from an organization like FAIRWINDS along with an SBA-backed loan that guarantees a portion of the financing. 'Maintaining liquidity should remain a priority for small businesses,' Russell said, 'so before the purchase, they must consider the cash outlay. What will they have to spend to bring the property up to their standards? How much will it cost for new flooring, equipment and other improvements? The 504 structure allows a business to keep more of its cash for working capital by allowing a portion of these expenses to be included in the financing. Financial institutions find these loans attractive because of the lower risk that comes with being at a lower loan-to-value ratio.' If your business has strong liquidity, Russell recommends making a larger down payment and opting for a shorter amortization period. This approach reduces overall interest expense and allows you to pay off the loan more quickly. In such cases, a traditional commercial loan may be the most suitable option. How to prepare to purchase a commercial property Small business owners considering a commercial property purchase should pull together a team that includes a tax advisor, certified public accountant, attorney, real estate agent, insurance agent and banker, Russell said. FAIRWINDS can make introductions to these professionals if relationships haven't been established. 'Nothing is more local than real estate, and we want our small business owners working with people who understand the Central Florida market and its competitive landscape,' Russell said. 'We also want local partners who will take the time to learn your business so they can help you weigh all the risks appropriately.' Having this knowledgeable team in place long before the purchase will benefit the business owner, Gonzalez said, as commercial real estate transactions involve many moving parts and can take months to complete. Once an owner is ready to make an offer, he or she won't benefit from hastily pulling together a team of advisers. 'If you don't have a relationship with a banker today, start one,' Russell said. 'Having a banking professional as part of your network gives you someone to reach out to for unbiased advice. This puts you in a position to understand what's needed to get approved and move faster when you're ready to make that transformational move for your business — purchasing your first property.' At FAIRWINDS, we embrace a 'better together' approach, offering you a personalized, full range of small business and commercial banking services to help you reach your financial goals. We're your dedicated partner, supporting you every step of the way. Learn more.


Forbes
2 days ago
- Forbes
Gordon & MacPhail To Release The World's Oldest Scotch Whisky
G&M Cask 336, distilled in February 1940 and emptied on 5 February 2025holds the world's oldest Scotch whisky Photo, courtesy Gordon & MacPhail In a historic move, Gordon & MacPhail, the iconic whisky producer and independent bottler based in Elgin, Scotland, has announced the upcoming release of the world's oldest single malt Scotch whisky. This extraordinary expression, distilled at Glenlivet Distillery and matured for 85 years, is set to be unveiled in October 2025. The release marks a collaboration with acclaimed American architect and designer Jeanne Gang, blending fine Scotch whisky with modern design. On February 3, 1940, George Urquhart and his father John, the visionaries behind Gordon & MacPhail, made the bold decision to lay down spirit from the Glenlivet Distillery in a custom American oak cask. Known affectionately as 'Mr. George,' George Urquhart had no intention of tasting the whisky himself. Instead, his goal was to create a legacy—an enduring gift to future generations. By February 1940, distillers like The Glenlivet and bottlers such as Gordon & MacPhail faced severe barley shortages due to the British government's decision to prioritize existing barley stocks for food and animal feed. Many distilleries either slowed down or halted whisky production entirely. The fact that Gordon & MacPhail stored a cask of Glenlivet in February 1940 — during a time when barley was rationed — makes the decision even more impressive. It demonstrates both foresight and confidence in the long-term value of aging whisky, despite the uncertainties of wartime. After 85 years of aging—longer than any single malt Scotch whisky in history—the cask, numbered 336, was finally emptied on February 5, 2025. The outcome: only 125 bottles of this rare spirit, bottled with Gordon & MacPhail's signature precision and expertise. Stephen Rankin, Gordon & MacPhail Director of Prestige & fourth generation family member Photo, courtesy Gordon & MacPhail Stephen Rankin, Director of Prestige and a fourth-generation member of the family business, describes the whisky as 'a rare and remarkable creation'. He added, 'bottled at 43.7% ABV, the whisky represents a living piece of history. Its long maturation, combined with the cask's influence and scarcity, creates a profile of extraordinary depth and complexity.' According to Rankin, 'for over 130 years, Gordon & MacPhail has been committed to producing single malt Scotch whisky of unmatched quality. Through four generations, the company has curated casks for spirits from more than 100 Scottish distilleries. Their philosophy has always been to wait—not to release a whisky until it reaches the precise moment of perfection, guided by over a century of accumulated expertise.' To honor the legacy of John and George Urquhart, Gordon & MacPhail collaborated with Jeanne Gang, an award-winning architect known for her innovative design approach. The theme of their partnership, 'Artistry in Oak,' reflects the brand's respect for time, material, and craftsmanship. Jeanne Gang Photo, courtesy Gordon & MacPhail Gang drew parallels between architecture and whisky-making, noting that both disciplines depend heavily on material integrity and the passage of time. Her decanter design, set to be unveiled in October 2025, aims to blend these ideas into a fitting vessel for the world's oldest whisky. Decanter #1 will be auctioned by Christie's New York in November 2025, with proceeds—after costs—benefiting American Forests, the oldest national nonprofit conservation organization in the U.S. The donation will support sustainable American oak tree restoration, reinforcing Gordon & MacPhail's dedication to a lasting environmental legacy. 'Given the importance of oak in our craft, this partnership was a natural fit,' says Rankin. 'Our goal is to leave a meaningful legacy not just through whisky, but by contributing to the future of the natural resources we rely upon.' Be among the first to learn more about the release of Artistry in Oak — register your interest in the world's oldest single malt Scotch whisky on the Gordon & MacPhail website. More From Forbes Forbes Whisky Of Distinction: Gordon & MacPhail, Mr George Legacy 1954 Glen Grant By Joseph V Micallef Forbes Whisky Of Distinction: Gordon & MacPhail's Recollection Series By Joseph V Micallef