MIDI plc - Interim Directors’ Statement

Friday, May 27th, 2016

On 27 May, MIDI plc published an Interim Directors’ Statement updating the market on its performance during the first quarter of 2016.

The Company confirmed that it engaged the services of an international consultancy firm with the aim of leading an exercise intended to establish a vision for the Manoel Island development project.

Following this development, MIDI selected a preferred master planner of an international standing with whom discussions and negotiations are currently ongoing. Once the masterplan is completed, MIDI will then prepare a business plan and a costing plan for the Manoel Island development project.

MIDI expects to embark on a search for investors by the end of the current year. Meanwhile, the Company continues to be in discussions with third parties who expressed interest in the project, possibly involving a strategic partner.

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