On 19 October, MIDI plc announced that it held an Extraordinary General Meeting (EGM) during which a number of resolutions were approved ahead of a planned public share issue which is still subject to regulatory approval by the Malta Financial Services Authority.
During the EGM held on Monday 18 October 2010 shareholders approved a new Memorandum and Articles of Association (M&A) which replaced the existing one. Since the new M&A specifies a maximum number of eight Directors on the Board, three of the Directors, namely Maurice F Mizzi, Charles Polidano and Nazzareno Vassallo, resigned from the Board with effect from 18 October. The other eight Directors remained in office.
The shareholders also approved a resolution which authorises the Board of Directors to issue up to 90 million ordinary shares of a nominal value of €0.20 each within the next six months.