Mediterranean Investments Holding plc - Approval of Resolution

Friday, June 15th, 2012

On 15 June, Mediterranean Investments Holding plc announced that during a bondholders’ meeting held on 11 June, holders of the 7.15% bonds maturing in 2017 approved the proposed change to the use of proceeds as contained in the Prospectus dated 14 June 2010.

As announced on 21 May, the Company requested bondholders to vote on a proposal which will allow the Company to use €8 million of the 2010 bond proceeds to finance the part repayment of the €13.2 million 2011 loan taken out during the Libyan civil war to counteract the lost business from Palm City and be able to meet the payment of capital creditors and other commitments during the political turmoil.

During the meeting held on 11 June, Chairman Mr Alfred Pisani announced that the company agreed to organise a bondholders’ meeting on an annual basis. Meanwhile, the Managing Director Mr Reuben Xuereb delivered a presentation on the current performance at Palm City and the plans for Medina Towers. Mr Xuereb confirmed that the Palm City project should achieve revenue of €22 million in 2012 and an EBITDA conservatively estimated at €17 million and revenue rising to €28 million in 2013 with an EBITDA of €21 million.

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