7% MIDI plc 2016-2018 EUR

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MIDI plc - Prospectus 5th December 2008

The Company

The MIDI Group is composed of the parent company, MIDI plc, and its wholly-owned subsidiaries:

  • Tigné Contracting Limited – the Group’s turnkey company;
  • Tigné Point Marketing Limited – responsible for all the marketing and sales activities;
  • Solutions and Infrastructure Services Limited – responsible for the installation, operation and maintenance of all the building technologies within the Tigné Point and Manoel Island developments as well as the management of the public car park at Tigne’ Point;
  • T14 Investments Limited – a holding company having a 50% shareholding in Mid Knight Holdings Limited which in turn is responsible for the development and management of the business centre in Tigne’ Point known as “The Centre”.

Tigne’ Point & Manoel Island projects

Tigné Point is a residential, commercial and leisure development located in Sliema on the north-eastern coast of Malta, approximately one kilometre north of Malta’s capital Valletta. The development commenced in December 2000 and comprises high-end residential units, a number of commercial and retail outlets as well as a public car park and other amenities.

On the other hand, the development at Manoel Island is envisaged to take the form of a low-density, secluded marina village. Following the finalisation of a masterplan for Manoel Island, MIDI intends to proceed with a professional investor search with the aim of identifying a strategic partner with whom to undertake the project. MIDI has already received interest from prospective investors and discussions having been taking place with a number of these investors. Nonetheless, MIDI remains committed to its current strategy of seeking the finalisation of the masterplan and the subsequent professional investor search.

Use of Proceeds

The net proceeds from the bond issue shall be used by the Company to finance the final stages of the Tigné Point development and repay part of an outstanding privately placed bond which is nearing maturity. Furthermore, the proceeds from the Over-allotment option will be applied for the further development of Tigné Point or for the reduction of associated borrowings.

Security & Status

Unsecured and unsubordinated

Coupon

7%

Amount Issued

€31,702,900

ISIN Code

MT0000421207

Maturity

The Bonds mature on 15 December 2018 but may be redeemed early on any date between 15 December 2016 and 14 December 2018.

Interest Payment

Annually on 15 December

XD Date

1 December

Listing

Official List

No. of Bondholders

2,253

Directors

Albert Mizzi, Joseph A. Gasan, Paul Bonello, Mario C. Grech, Alec A. Mizzi, Joseph Said, Tonio Depasquale and David Curmi.

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