MIDI plc - Interim Directors’ Statement

Friday, November 15th, 2013

On 15 November, MIDI plc published its Interim Directors’ Statement updating the market on its performance since the half-year end on 30 June.

During the period under review, the Company launched the Q1 block comprising 39 residential apartments. MIDI confirmed that so far it has already entered into 31 promise of sale agreements for a total value of €30.8 million. The shell structure of the Q1 block is at an advanced stage with finishing works expected to commence as from the early weeks of 2014.

The Directors are currently evaluating various options with regard to the development of the T14 Business Centre with the aim of starting works on this phase during 2014. The construction of the Q2 residential block comprising 64 apartments will subsequently follow.

Nonetheless, the Directors explained that the Company is still expected to register a loss for the 2013 financial year given the very limited number of apartments in stock which it could deliver during this financial year. Furthermore, the Directors also stated that the profits from the Q1 apartment sales will be booked in 2015 being the targeted delivery date.

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