MIDI plc - Clarification on Media Report

Tuesday, October 9th, 2018

On 9 October 2018, MIDI plc issued a company announcement referring to a media article published on 9 October 2018 and entitled “Preliminary deal struck for Tumas Group to take over Manoel Island project”. In this article, it was stated that Tumas Group will be acquiring from MIDI an equity stake of at least 60% in a new joint venture company for €100 million. The new company will reportedly proceed with the development of the Manoel Island project next year.

In this respect, MIDI clarified that no preliminary agreement with Tumas Group Company Limited has been entered into and that discussions are still ongoing which may or may not result in a transaction. MIDI also made reference to its earlier announcement dated 21 June 2018, and reiterated that any material updates in relation to the potential development of Manoel Island will be communicated by MIDI in accordance with regulatory requirements.

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