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MIDI plc – Service of Judicial Notice

Jonathan Falzon

September 26, 2025

26 September, 2025
3 min read
26 September, 2025
3 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 26 September 2025, MIDI plc announced that it has been served with a further judicial letter dated 24 September 2025 from the Government of Malta, the Lands Authority and Transport Malta regarding MIDI’s emphyteutical concession contract dated 15 June 2000 relating to the Manoel Island and Tigné Point development project.

This judicial letter follows previous correspondence and now formally crystallises the Government’s position by invoking clause 21.4 of the emphyteutical deed, requiring MIDI to remedy alleged defaults within six months and threatening rescission of the concession by the end of March 2026. The notice relates primarily to development completion deadlines under the emphyteutical concession.

MIDI once again categorically rejected these allegations in no uncertain terms and maintains that there is no valid legal basis for rescission nor the imposition of penalties. The company explained that it will vigorously defend its position through all available legal means. MIDI maintains its position that contractual extension mechanisms under the deed apply to extend development deadlines, preventing rescission. These extensions arise from factors beyond the company’s control, including permit delays, archaeological investigations, heritage requirements and force majeure events.

The company will be formally replying to the judicial letter whilst continuing to explore all available options to protect shareholders’ and bondholders’ interests.  MIDI explained that notwithstanding these formal judicial exchanges, both parties remain engaged in parallel discussions aimed at reaching a mutually acceptable resolution. The company continues to engage constructively and in good faith with the Government and relevant authorities whilst maintaining its commitment to this process. The judicial measures taken by both parties are understood to be protective steps to safeguard their respective legal positions whilst negotiations continue. All discussions are being conducted on a strictly without prejudice basis, ensuring that participation in settlement discussions cannot be construed as any admission of liability or waiver of legal rights.

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 26 September 2025, MIDI plc announced that it has been served with a further judicial letter dated 24 September 2025 from the Government of Malta, the Lands Authority and Transport Malta regarding MIDI’s emphyteutical concession contract dated 15 June 2000 relating to the Manoel Island and Tigné Point development project.

This judicial letter follows previous correspondence and now formally crystallises the Government’s position by invoking clause 21.4 of the emphyteutical deed, requiring MIDI to remedy alleged defaults within six months and threatening rescission of the concession by the end of March 2026. The notice relates primarily to development completion deadlines under the emphyteutical concession.

MIDI once again categorically rejected these allegations in no uncertain terms and maintains that there is no valid legal basis for rescission nor the imposition of penalties. The company explained that it will vigorously defend its position through all available legal means. MIDI maintains its position that contractual extension mechanisms under the deed apply to extend development deadlines, preventing rescission. These extensions arise from factors beyond the company’s control, including permit delays, archaeological investigations, heritage requirements and force majeure events.

The company will be formally replying to the judicial letter whilst continuing to explore all available options to protect shareholders’ and bondholders’ interests.  MIDI explained that notwithstanding these formal judicial exchanges, both parties remain engaged in parallel discussions aimed at reaching a mutually acceptable resolution. The company continues to engage constructively and in good faith with the Government and relevant authorities whilst maintaining its commitment to this process. The judicial measures taken by both parties are understood to be protective steps to safeguard their respective legal positions whilst negotiations continue. All discussions are being conducted on a strictly without prejudice basis, ensuring that participation in settlement discussions cannot be construed as any admission of liability or waiver of legal rights.