MIDI share price drops despite clarification

During this morning’s trading session on the Borza, MIDI plc’s share price tumbled 10.3% to a new all-time low of €0.35 on volumes of 110,000 shares despite yesterday’s clarification by the Company in respect of recent media comments. Through a company announcement and a press release issued yesterday afternoon, MIDI confirmed that it is still committed to develop Manoel Island and also clarified comments made by the Chairman Mr Albert Mizzi (in a recent interview) that the company cannot be expected to give up its ‘right’ to develop the approved area on Manoel Island without being reimbursed for obligations already settled and compensation for what it would forego. Furthermore, the press release issued by MIDI also confirmed that 95% of the 280 residential units built so far have been sold and delivered while all the outlets at Tigne Point have been rented out. MIDI is scheduled to publish its 2011 full-year results on 30 April.

On the other hand, the share prices of the two large banks edged higher. The share price of HSBC Bank Malta plc rose by 0.2% to €2.515 across four trades totalling over 10,400 shares. Similarly, Bank of Valletta plc inched 0.2% higher to regain the €2.13 level on volumes of 11,410 shares. The Bank is scheduled to publish its half-year results covering the six months ended 31 March 2012 on Friday 27 April.

All three other active equities ended the session unchanged. Most notably, GO plc held on to the €0.80 level across four trades totalling 10,500 shares. Likewise, Simonds Farsons Cisk plc’s equity maintained the €1.77 level on total volumes of 29,637 shares. Farsons will be publishing its January 2012 full-year results next Wednesday 25 April.

This morning, Grand Harbour Marina plc issued its 2011 preliminary results covering the performance of the marina in Malta and the Group’s share from the 45% holding in the Turkish marina for the period 18 March 2011 to 31 December 2011. On a combined basis, the two businesses reported an after-tax loss of €664,052 (2010: loss of €771,442) as the improvements at the local marina following the sale of two super-yacht berths was partially offset by the share of loss from the Turkish marina which is still not a mature operation. Further details available at https://rizzofarrugia.com/news-events/2012/full-year-results-ghm03/.

On the bond market, the Rizzo Farrugia MGS Index registered its second consecutive increase with a further 0.1% rise to a 6-week high of 985.641 points. The focus across the international markets this morning was on the bond auctions by Spain and France. Both auctions were successful but at higher yields reflecting investors’ concerns in respect of the Eurozone sovereign debt crisis.