Company to exercise over-allotment option, bringing bond total to €40 million

MIDI plc’s bond issue has been oversubscribed. Applications closed 90 minutes after they opened this morning. The bond issue is of the equivalent of €30 million, with an over-allotment option of a further €10 million. This over-allotment option will now be taken up, bringing the bond issue total to the equivalent of €40 million. Of these, €12 million were collected at the pre-placement stage, before applications opened to the general public. 

Albert Mizzi, chairman of MIDI plc, said: “Demand for these bonds has been overwhelming, and was exceptional even at the pre-placement stage, before applications opened to the general public. This is despite the negative international news which has weakened investor confidence. We are delighted, of course, and thank all those who have shown confidence in MIDI plc, and those who have helped to make this bond issue such a huge success, particularly the financial intermediaries whose widespread participation was a key factor.”

Funds raised through this bond issue will be used for the Tigne Point development in Sliema.

The bond issue was managed jointly by HSBC Bank Malta plc and Bank of Valletta plc, with Charts Investment Management Ltd as sponsoring stockbroker.