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MIDI plc – In-Principle Agreement for Partial Rescission of Emphyteutical Deed

cyber

March 17, 2026

Market News
17 March, 2026
2 min read
Market News
17 March, 2026
2 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 17 March 2026, MIDI plc announced that it has reached an in-principle agreement with the Government of Malta for the partial rescission of the emphyteutical deed dated 15 June 2000. Under the proposed agreement, the emphyteutical concessions over Manoel Island and Fort Tigné would be handed back to the Government, while the concession over Tigné Point (excluding Fort Tigné) would remain in full force and effect.

The reimbursement payable to the company as a result of the partial rescission amounts to €47.3 million. After adjusting for the reimbursement of VAT arising from the transaction, the net reimbursement is expected to be approximately €43 million.

The in-principle agreement remains subject to a number of conditions, including the finalisation of the terms of the rescission deed and the approval of the company’s shareholders at an extraordinary general meeting. The meeting will be convened once the terms of the deed have been agreed and following approval of the deed by the House of Representatives.

Full details of the proposed transaction, its financial impact, and the Board’s reasons for recommending it to shareholders will be set out in a circular to be issued ahead of the extraordinary general meeting.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 17 March 2026, MIDI plc announced that it has reached an in-principle agreement with the Government of Malta for the partial rescission of the emphyteutical deed dated 15 June 2000. Under the proposed agreement, the emphyteutical concessions over Manoel Island and Fort Tigné would be handed back to the Government, while the concession over Tigné Point (excluding Fort Tigné) would remain in full force and effect.

The reimbursement payable to the company as a result of the partial rescission amounts to €47.3 million. After adjusting for the reimbursement of VAT arising from the transaction, the net reimbursement is expected to be approximately €43 million.

The in-principle agreement remains subject to a number of conditions, including the finalisation of the terms of the rescission deed and the approval of the company’s shareholders at an extraordinary general meeting. The meeting will be convened once the terms of the deed have been agreed and following approval of the deed by the House of Representatives.

Full details of the proposed transaction, its financial impact, and the Board’s reasons for recommending it to shareholders will be set out in a circular to be issued ahead of the extraordinary general meeting.