MIDI plc - Interim Directors’ Statement

Thursday, May 15th, 2014

On 15 May, MIDI plc issued its Interim Directors’ Statement to update the market on its performance since the start of 2014.

During the period under review, MIDI reported that it registered considerable progress with the structural works pertaining to the Q1 Residential Block and it will shortly be awarding the contract for finishing works on the Q1 block as well as a contract for the finishing works of the Tigné North substructures which partly underlie the Q1 block. MIDI is expected to deliver these apartments during 2015 with the ensuing profits from such finalised sales to be accounted for in the 2015 financial statements in line with accounting standards.

Furthermore, following the positive response to Q1, the Company is seeking to proceed with the development of the Q2 residential block (the last residential block to be constructed on Tigné Point comprising 60 apartments) later this year. In the meantime, the Company continued to evaluate a number of strategic options with regard to the development of the T14 Business Centre and Manoel Island. MIDI’s objective is that works on the T14 Business Centre start later this year and on Manoel Island once Tigné Point draws to completion.

From a financial perspective, the Company’s Directors are not envisaging any significant change in the financial position of the MIDI Group and given that the profits from Q1 apartments are set to be registered in 2015, the Group is projecting an operational loss for 2014.

In conclusion, the Directors noted that the Company’s current strategic direction will continue to strengthen the Company’s financial and operational capabilities to enable it to pursue the efficient development of both Tigné Point and Manoel Island.

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