MIDI plc - Sale of ‘The Point’ Approved

On 22 March, MIDI plc announced that its shareholders approved the sale of the Group’s 100% shareholding (owned by the holding company and one of its subsidiaries Tigne Contracting Ltd) in Tigne Mall Limited (TML),  the owner and operator of ‘The Point’ retail mall complex as well as 253 underlying car spaces.

Following today’s shareholder approval and the necessary regulatory approvals obtained on 18 March, MIDI will now be offering its 42,400,000 shares in TML to the public in a combined offering which also comprise the issuance of a further 14,000,000 shares by TML both priced at the nominal value of €0.50 each. The combined offering of 56,400,000 shares in TML is expected to take place in the coming weeks.

MIDI is expected to generate total net proceeds of €20.9 million from this sale which it intends to utilise to reduce existing borrowings, settle all inter-company balances with TML amounting to €3.6 million and to increase its working capital requirements to partly finance the construction of the residential block T17 East.