Midi in discussion with third parties for Manoel Island Project

Midi plc, the developers of Tigné Point, is currently in discussion with various third parties who have expressed an interest to invest in Manoel Island Project.

It said that, subject to fulfilment of its contractual obligations and necessary regulatory approvals, the intention of the company’s board of directors is to conclude an agreement with one of the third parties.

Midi was granted the island and Tigné Point in June 2000 on a 99-year emphyteusis for €100 million in premiums, infrastructural and restoration obligations. Although considerable restoration work has been carried out on the island, no work has commenced on the project with Midi concentrating on the final phases of its development on Tigné Point.

“Should such an agreement give rise to a Class 2 Transaction in terms of the Listing Rules, the company’s board of directors would seek shareholder approval accordingly.

“The board of directors will promptly make additional announcements as and when necessary,” company secretary Darren Azzopardi said.

Midi last year announced that it was considering a strategic partner for the development of Manoel Island, after it suffered a €1.9 million loss in 2012 and a €1.5 million loss in 2013.