MIDI plc - In-Principle Agreement for Partial Rescission of Emphyteutical Deed

On 17 March 2026, MIDI plc announced that it has reached an in-principle agreement with the Government of Malta for the partial rescission of the emphyteutical deed dated 15 June 2000. Under the proposed agreement, the emphyteutical concessions over Manoel Island and Fort Tigné would be handed back to the Government, while the concession over Tigné Point (excluding Fort Tigné) would remain in full force and effect.

The reimbursement payable to the company as a result of the partial rescission amounts to €47.3 million. After adjusting for the reimbursement of VAT arising from the transaction, the net reimbursement is expected to be approximately €43 million.

The in-principle agreement remains subject to a number of conditions, including the finalisation of the terms of the rescission deed and the approval of the company’s shareholders at an extraordinary general meeting. The meeting will be convened once the terms of the deed have been agreed and following approval of the deed by the House of Representatives.

Full details of the proposed transaction, its financial impact, and the Board’s reasons for recommending it to shareholders will be set out in a circular to be issued ahead of the extraordinary general meeting.