MIDI plc

MIDI plc - Quote

27/04/2017      
Closing Price (€) 0.300 Change (€) 0.000
TWAP (€) 0.300 No. of Trades 1
Day's High (€) 0.300 Change (%) 0%
Day's Low (€) 0.300 Turnover (shares) 10,000
E.P.S (€) -0.012 Shares in issue (000) 214,160
P/E Ratio 0 Market Cap. (€000) 64,248
Gross Div. Yield (%) 3.67 Gross Dividend (€) 0.011
NAV per Share (€) 0.315 Indicative Div. Date May
Price to NAV (times) 0.950 Dividend Cover (times) 0.000
2017 High (€) 0.351 2017 Low (€) 0.300

MIDI plc - Profile

MIDI p.l.c. is in the business of development, disposal and retention of property on two sites in Malta – Tigné Point and Manoel Island – through a 99-year deed of emphyteusis from the Government of Malta effective June 2000.

Tigné Point

Tigné Point is a residential, commercial and leisure development located in Sliema. The development comprises 383 residential units complemented by office facilities, a shopping mall, parking facilities and Pjazza Tigné which also includes commercial and leisure outlets. The project places a strong emphasis on the restoration of historic sites including Fort Tigné, St. Luke’s Garrison Chapel, army barracks and the clock tower. All traffic is routed underground, providing a car-free zone at ground floor level and extensive green areas and public spaces. These attributes make it a unique development for Malta in many respects.

By March 2012 the company developed a total of 281 apartments, of which  256 were sold for a combined value of €158 million. The development of the T17 apartments (102 units spread over 14 floors) is expected to commence towards the end of 2012 and the company is estimating to be able to deliver the condominiums to the market by 2014. MIDI will also develop the T14 block which consists of 12,000 square meters of rentable office space spread over two blocks of eight floors each.

The Point

The Point shopping complex opened in 2010 in an investment amounting to €58 million. The shopping complex comprises  55 retail outlets which are fully leased out to a number of tenants mainly representing international leading brands. The mall is served by a multi-storey underground car park which caters for 1,000 cars.

Awards

In 2011 Tigne Point won the title of best mixed-use development in Europe at the Top Property Awards in London.

Also in 2011, MIDI won the mixed-use development in Europe at the Asia Pacific Property Awards.

Manoel Island

The eventual development of Manoel Island, located in close proximity to Tigné Point, will be centred around the construction of a marina village as well as the restoration of the Lazzaretto and Fort Manoel. Restoration works are underway but construction works are not expected to commence before MIDI finalises the project at Tigne Point. The project on Manoel Island is estimated to include a total of 469 low-rise apartments together with a number of other developments including a casino, a 300-berth yacht marina, , restaurants, sporting facilities, ample public spaces and extensive parking facilities amongst others.

Subsidiaries

  • Tigné Point Marketing Limited (TPML) – TPML handles all marketing (including advertising and PR campaigns) and sales activities of the Company. It represents the Company’s main point of contact with customers. TPML was set up in order for the Company to have its own specialised selling and marketing team.
  • Tigné Contracting Limited (TCL) – this company serves as the turnkey company through which almost all construction and related costs except for selling and marketing are accounted for. Most contracts with contractors are signed by TCL.
  • Tigné Mall Limited (TML) – TML was set up to build and operate the retail mall and ancillary facilities at Tigné Point.
  • Solutions & Infrastructure Services Limited (SIS) – The purpose of the joint venture is that of supplying, installing and operating technological products, systems, solutions, plants and services for the entire Tigne Point and Manoel Island development.

Share Capital

Prior to the Share Issue in December 2010, MIDI plc had an authorised share capital of €90 million divided into 450,000,000 Ordinary Shares having a nominal value of €0.20 each and an issued share capital of €29,358,000 divided into 146,790,000 Ordinary Shares having a nominal value of €0.20 each.

Following the Issue of 67,369,922 new Ordinary Shares as part of the share issue, MIDI’s issued share capital increased to €42,831,984 divided into 214,159,922 Ordinary Shares of a nominal value of €0.20 each.

News for MIDI plc

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MIDI plc
Full-Year Results
Apr 21, 2017 | Read More
MIDI plc
Change in Shareholding
Apr 03, 2017 | Read More
MIDI plc
Update on Manoel Island
Mar 17, 2017 | Read More
MIDI plc
Board Meeting
Mar 10, 2017 | Read More
MIDI plc
Update on Manoel Island
Sep 14, 2016 | Read More
MIDI plc
Interim Results
Sep 01, 2016 | Read More
MIDI plc
Listing of New Bonds
Aug 03, 2016 | Read More
MIDI plc
Allocation Policy
Jul 26, 2016 | Read More
MIDI plc
Board Meeting
Jul 26, 2016 | Read More
MIDI plc
Details of New Bond Issue
Jul 01, 2016 | Read More
Pg 1 of 81234Last »
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Sector: Property
ISIN: MT0000420126
Shares in Issue: 214,159,922
Nominal Value: €0.20
Trading Symbol: MDI
Listing: Official List
Main Subsidiaires:
  • Tigne' Contracting Ltd (100%)
  • Tigne' Point Marketing Ltd (99%)
  • Solutions & Infrastructure Services Ltd (100%)
Top Shareholders:
  • Alf. Mizzi & Sons Ltd. (14.21%)
  • MSV Life plc (12.55%)
  • Gasan Enterprises Ltd (11.09%)
  • Bank of Valletta plc (8.91%)
  • Finco Treasury Management Ltd (5.15%)
  • Vassallo Builders Ltd (5.13%)
  • Rizzo, Farrugia & Co. (Stockbrokers) Ltd (5.08%)
Website: www.midimalta.com
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