MIDI plc – Sale of shareholding in subsidiary

May 2, 2013
|In Company Announcements
|By Jesmond Mizzi Financial Advisors

MIDI plc announced that following today's admission of a total of 56.4m ordinary shares of a nominal value of EUR 0.50 each in Tigne' Mall plc (C 35139) to the Official List of the Malta Stock Exchange, Tigne' Mall plc no longer forms part of the MIDI Group.

The shareholding held by MIDI plc and its wholly owned subsidiary Tigne' Contracting Limited (C 28438) in Tigne' Mall plc amounting to 42.4m ordinary shares of a nominal value of EUR 0.50 each were fully subscribed to by institutional investors and other retial investors pursuant to the publication of Tigne' Mall plc's prospectus dated March 20, 2013. The disposal of shares by the MIDI Group resulted in an aggregate cash consideration of EUR 21.2m and is expected to generate a cash surplus, net of expenses, amounting to EUR 20.9m.

To view the official company announcement, click here.