MIDI plc - Submission of Revised Masterplan for Manoel Island

On 18 February 2021, MIDI plc announced that it submitted a revised Masterplan for the restoration and redevelopment of Manoel Island to the Planning Authority (“PA”) for its consideration and a fresh Environment Impact Assessment (“EIA”) to the Environmental and Resources Authority (“ERA”). In this respect, MIDI explained that additional site investigations carried out over the past twenty-four months have revealed that a part of the Manoel Island site previously earmarked for development is of archaeological importance. The revised Masterplan takes into consideration these findings and envisages a reduction in development volumes from the previously approved 127,000 sqm to 95,000 sqm.

Although the loss of development volumes impacts the profitability of the project, this impact is mitigated to some extent by provisions of the Deed of Emphyteusis entered into with Government on 15 June 2000. This provides for specific remedies in the event that the development is impacted by archaeological finds. Accordingly, MIDI is pursuing the matter with the Government.

Following the submission of this revised Masterplan, a period of public consultation will now commence with both the PA and ERA. Furthermore, the works which were suspended by MIDI during December 2020 will remain suspended until a final decision is taken by the PA with respect to the revised Masterplan. Similarly, the Full Development Permits relating to the development of the sports facilities and the upgrade of the yacht marina shall remain non-executable until the determination of the revised Masterplan application.

MIDI reiterated that it remains fully committed to the Manoel Island project and that it will keep the market updated with any developments as they arise in accordance with its regulatory obligations.