On 17 June, MIDI plc confirmed its intention to redeem the 7% bonds denominated in both euro and Sterling on the first early redemption date of 15 December 2016.
The announcement also confirmed that the Company plans to issue a new €50 million euro denominated bond maturing in 2026 subject to regulatory approval. The intention of the Company is to grant holders of the Maturing Bond the opportunity to exchange their existing bond for an equivalent amount in the new bond. Additionally, the Company also intends to reserve a specific amount of the new bonds to holders of the Maturing Bond (wishing to apply for more) as well as shareholders of the Company as at close of trading on 22 June.
Trading in the maturing bonds shall be suspended from 23 June 2016.