Initial trades take place in MIDI shares

MIDI plc’s equity was active for the first time since the listing of the company’s shares on the Official List of the Malta Stock Exchange on 21 December 2010. During this morning’s session, 225,000 MIDI shares changed hands across 3 trades at the IPO price of €0.45 per share. Lowest offers are now placed at the €0.47 level. MIDI plc had raised a total of €30.3 million in December 2010 to strengthen the company’s equity base and enable it to increase long-term borrowings ahead of substantial development necessary to complete Tigne Point and to commence works at Manoel Island.

The equity of Crimsonwing plc also posted its first trades of 2011. A single trade of 400 shares was transacted this morning at the €0.38 level, unchanged from the previous close. The IT Company is shortly expected to publish its Interim Directors’ Statement updating the market on its operational performance since the half-year ended 30 September 2010. During the six months to 30 September 2010, Crimsonwing reported a 17% increase in revenue to €7.1 million which led to a 91.1% increase in pre-tax profit to €293,272.

The only equity to register a move this morning was FIMBank plc. This US Dollar denominated equity slipped by 2.6% to the US$0.95 level across a single trade of over 18,400 shares. The trade finance specialist is scheduled to report its 2010 earnings on 3 March.

The share price of the two large banks once again close the day unchanged. A further 10,627 HSBC Bank Malta plc shares changed hands today at the €3.50 level with other bids remaining unsatisfied at the closing price. Shortly after the closure of today’s trading session, HSBC announced that its Board of Directors is scheduled to meet on 18 February to consider and approve the 2010 financial statements and to consider the declaration of a final dividend.

Bank of Valletta plc maintained the €3.11 level after briefly touching an intra-day high of €3.115 on volumes of 21,270 shares. Malta International Airport plc also closed unchanged at the €1.80 level on just a single trade of 1,000 shares.

Yesterday evening, Loqus Holdings plc (formerly Datatrak) published its long-0verdue financial statements for the year ended 30 June 2010. During the period under review the Group generated €4.4 million in revenue representing a 40% increase over the previous financial year following the new tenders awarded including the LEMIS contract for the Government Property Division and the contract by MITA for the provision of online e-Forms and Related Services. Overall, Loqus Holdings registered a marginal profit of €47,701 which represents a significant improvement from the €566,793 registered in the previous twelve months. Further details available at www.rizzofarrugia.com

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