MIDI plc - Details of new equity issue

On 4 November 2010, MIDI plc announced that it has been granted approval by the Listing Authority of the MFSA to issue 44,444,444 shares at a price of €0.45 per share with an over-allotment option of up to a further 22,222,222 shares. Concurrently, existing shareholders of the company will be subscribing to a further 22,222,222 shares also at a price of €0.45 per share.

Issue Price

€0.45 per share

Amount

44,444,444 shares

Over-Allotment Option

22,222,222 shares

Reasons for the Issue

The share issue is intended primarily to strengthen MIDI’s equity base and enable the Company to increase its long-term borrowings ahead of substantial development that has yet to take place for completion of Tigne Point and the commencement of works at Manoel Island.

The proceeds from the new share issue of circa €30 million (and up to a further €10 million in case the over-allotment option is utilised) will be primarily used to finance the completion of a number of phases at Tigne Point, meet recurrent operating expenditure and also to carry out minor infrastructural works on Manoel Island.

Preferred Applicants

Holders of 7% MIDI plc 2016-2018 Bonds

Pre-placement Date

26 November 2010

General Offer and Preferred Applicants’ Period

29 November 2010 – 3 December 2010

Minimum Application for shares

Pre-placement: 25,000 shares (equivalent to €11,250) and in multiples of €100 thereafter

Preferred Applicants: 2,000 shares (equivalent to €900) and in multiples of €100 thereafter

General Offer: 2,000 shares (equivalent to €900) and in multiples of €100 thereafter.

Listing

The total issued share capital of MIDI plc will be admitted to the Official List of the Malta Stock Exchange.

Downloads

MIDI Plc Prospectus dated 1 November 2010

MIDI Plc Information Memorandum dated 1 November 2010

MIDI Brochure

MIDI plc – Corporate Video

MIDI plc – Authorisation to Apply Form – Nov 2010

Should you be interested in obtaining a copy of our equity research note including our recommendation, kindly send us an email on info@rizzofarrugia.com