MIDI plc - Clarification of Media Comments

On 18 April, MIDI plc issued a Company Announcement and a press release to clarify its position with respect to recent media comments published in relation to MIDI and its operations. The Company made the following clarifications:

1)    Contrary to the interpretation of the views expressed by MIDI’s Chairman Mr Albert Mizzi, MIDI is still committed to continue with its development plans for Manoel Island in line with the terms and conditions as set out in the contract (as unanimously approved by Parliament in 1999) between the Government and the Company as well as the Outline Development Permit as approved by MEPA. As such, the Company has not held any discussions with Government to reconsider the plan for Manoel Island. On the other hand, MIDI confirmed that it remains on course to develop Manoel Island according to the outline permits it holds. MIDI further clarified that Mr. Mizzi’s comment was simply to point out that contracts come with both rights and obligations and MIDI can hardly be expected to give up its ‘right’ to develop the approved area on Manoel Island without being reimbursed for its onerous obligations and without being granted fair and adequate compensation for what it would forego.

2)    The press release also confirmed that out of the 280 residential units built so far at Tigne Point, over 95% have been sold and delivered to their new owners. Moreover, all the shops at The Point Shopping Mall have been successfully rented out.

3)    MIDI confirmed that the resignation of Mr Ben Muscat from the position of CEO, which comes after giving twelve years of uninterrupted service to the Company, was for personal reasons. In fact, Mr Muscat resigned on good terms and therefore any speculation in this respect does not do justice to him.

In conclusion, the Company reaffirmed that it firmly believes in the regeneration of Tigne Point and Manoel Island, in which it has already made considerable investment, and is committed to ensuring that these projects are delivered successfully for the benefit of its stakeholders and the general public.