On 4 November 2010, MIDI plc announced that it has been granted approval by the Listing Authority of the MFSA to issue 44,444,444 shares at a price of €0.45 per share with an over-allotment option of up to a further 22,222,222 shares. Concurrently, existing shareholders of the company will be subscribing to a further 22,222,222 shares also at a price of €0.45 per share.
€0.45 per share
Reasons for the Issue
The share issue is intended primarily to strengthen MIDI’s equity base and enable the Company to increase its long-term borrowings ahead of substantial development that has yet to take place for completion of Tigne Point and the commencement of works at Manoel Island.
The proceeds from the new share issue of circa €30 million (and up to a further €10 million in case the over-allotment option is utilised) will be primarily used to finance the completion of a number of phases at Tigne Point, meet recurrent operating expenditure and also to carry out minor infrastructural works on Manoel Island.
Holders of 7% MIDI plc 2016-2018 Bonds
26 November 2010
General Offer and Preferred Applicants’ Period
29 November 2010 – 3 December 2010
Minimum Application for shares
Pre-placement: 25,000 shares (equivalent to €11,250) and in multiples of €100 thereafter
Preferred Applicants: 2,000 shares (equivalent to €900) and in multiples of €100 thereafter
General Offer: 2,000 shares (equivalent to €900) and in multiples of €100 thereafter.
The total issued share capital of MIDI plc will be admitted to the Official List of the Malta Stock Exchange.
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