-Official Release-

Midi bonds sellout in 90minutes

Some €18 million in bonds by Midi Plc were bought yesterday in an “overwhelming” spree that lasted 90 minutes. The bond issue was worth €30 million but €12 million were collected at the pre-placement stage, before applications opened. The rest was bought in a busy one-and-a-half hours. The company will now be releasing an over-allotment option of €10 million. Midi officially launched their offer of seven per cent bonds on Tuesday last week while assuring the public that the issue was not “a panic button” but part of a larger financial plan to help raise the €199.6 million required for the completion of Tigné Point development,now half way through.

Midi chairman Albert Mizzi said that demand for the bonds was overwhelming and was exceptional even at the pre-placement stage, before applications opened to the public.

Construction at the Tigné and Manoel Island project started in 2000 after lengthy negotiations between the government and the developers. The development consists of 420 apartments, car spaces and retail outlets. It also includes the restoration of fortifications at Manoel Island. Midi plc enjoys the backing of some of Malta’s renowned business people including Mr Mizzi, Charles Polidano,Nazzareno Vassallo and Joe Gasan.

-End of Release-

MAS directed all communications and media coordination in the 'Pre-sell' period. Requirements included: Brochures, Prospectus, Legal notices, Posters, Bank posters, Billboards, Press, TV production and newspaper insertions.