MIDI plc - Interim Directors’ Statement

On 9 November 2012, MIDI plc issued its Interim Directors Statement covering the period from 1 July to early November. The announcement explained that the performance during this period closely follows the pattern and activity seen during the first half of the year. During the period, the Company also managed to conclude a number of new apartment sales whilst ‘The Point’ registered improvements in its performance.

The announcement also confirmed that there were no significant changes to the financial position of the MIDI Group since 30 June 2012. Nonetheless, due to the continued subdued trading conditions, MIDI is still expected to register a loss for the current year. Meanwhile, project development planning of the Tigne North phase continues to progress at a satisfactory pace.

In conclusion, the Board of Directors reiterated that it continues to examine options that could lead to an improved use of the Group’s existing capital resources.