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	MIDI plc - Prospectus 5th December 2008

The Company

MIDI plc is a consortium responsible for the regeneration, development and operation of Tigné Point and Manoel Island following the granting of a 99 years emphyteusis, from the Government of Malta on 15 June 2000. At present, the MIDI Group is composed of the parent company, MIDI plc and its wholly owned subsidiaries through which the Group operates. The Company fully owns Tigné Point Marketing Limited (TPML – the main contact point for customers), Tigné Contracting Limited (TCL – the Group’s turnkey company) and Tigné Mall Limited (TML – responsible for building and subsequently operate the retail mall complex and ancillary facilities found at Tigné Point). Moreover, on 5 June 2006, a joint venture, SIS Limited, has been set up in Malta between MIDI and Siemens. SIS Limited will install, operate and maintain the building technologies incorporated in the Tigné Point and Manoel Island developments.

Today the shareholders of MIDI, most of which are the founding shareholders, are Alf. Mizzi & Sons Ltd (18%), Fortress Developments Limited (15%), Middle Sea Valletta Life Assurance Co. Limited (13%), Bank of Valletta plc (9.5%), Investors Limited (8%), Gee Five Limited (6.3%), Gatt Investments Limited (6%), Polidano Brothers Limited (6%), Vassallo Builders Group Limited (6%), Pater Holding Company Limited (5%), Lombard Bank Malta plc (5%), First Gemini plc (1.2%), Pininfarina Extra s.r.l. (1%).

The two distinct but complementary projects of Tigné Point and Manoel Island entail a total development area of approximately 500,000 square metres. The development includes 900 residential units, in the form of duplexes, penthouses and apartments, most of which will enjoy sea views, 16,400 sqm of high quality office space, 23,200 sqm of retail space, 9,200 sqm of catering establishments, 2,500 sqm casino, a 420 berth yacht marina, a 300 room five-star hotel on Manoel Island, a total of 3,159 car parking spaces, mainly underground, 17,238 sqm of leisure and sport facilities and the rehabilitation of two 18th century forts, the Lazzaretto and a series of other historical monuments. Given the scale of the project, MIDI has appointed a number of consultants to aid in the various aspects of the project.

Use of Proceeds

The net proceeds from the bond issue shall be used by the Company to finance the final stages of the Tigné Point development and repay part of an outstanding privately placed bond which is nearing maturity. Furthermore, the proceeds from the Over-allotment option will be applied for the further development of Tigné Point or for the reduction of associated borrowings.

Security & Status

Unsecured and unsubordinated

Coupon

7%

Amount Issued

€31,702,900

ISIN Code

MT0000421207

Maturity

The Bonds mature on 15 December 2018 but may be redeemed early on any date between 15 December 2016 and 14 December 2018.

Interest Payment

Annually on 15 December

XD Date

1 December

Listing

Official List

No. of Bondholders

2,253

Directors

Albert Mizzi, Joseph A. Gasan, Paul Bonello, Mario C. Grech, Alec A. Mizzi, Joseph Said, Tonio Depasquale and David Curmi.