MIDI plc - Interim Directors’ Statement

Friday, November 14th, 2014

On 14 November, MIDI plc issued an interim directors’ statement covering the period from 1 July to 14 November.

The Directors reiterated that the Q1 residential block at Tigne Point is currently in its finishing stages, and delivery of the apartments will be in 2015, as expected. The office block, T14, has now been contracted, and works are set to commence in the short term.

In the meantime, works on the Q2 site has commenced. This part of the project will consist of 60 residential apartments coupled with commercial space on the ground floor level. The apartments are earmarked to be launched to the market in 2015.

The Directors also noted that the last of the 10 retail outlets at Pjazza Tigne has now been leased, and therefore, in 2015, the Pjazza outlets will all be fully operational.

With regards to the development on Manoel Island, the Board stated that it is in the process of identifying key investors that could contribute towards an investment model which would be in the beneficial interest of the Company. The Manoel Island project is earmarked to commence as the development at Tigne Point nears completion.

In conclusion, the Directors reiterated that there have been no significant changes in the financial position of the MIDI Group since its interim financial results published on 26 August 2014, and in line with Group projections, MIDI is expected to register an operational loss during this current financial year. Notwithstanding this, 2015 should see a reverse of this loss position, as profits from the sale of Q1 apartments will start being realised in line with accounting standards.

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