New Bond Issue – MIDI plc
MIDI plc has received regulatory approval for the prospectus dated June 28, 2016 in respect of the issue of secured bonds redeemable on July 27, 2016 for an aggregate principal amount of €50 million with an interest coupon of 4% payable annually in arrears, having a nominal value of €100 and subject to a minimum subscription of €2,000 and integral multiples of €100 thereafter.
Prior to the issue and allotment of the Bonds, the Bonds shall be secured by the Initial Security Interest which shall consist of the following:
i. The special hypothec to be constituted by the Issuer in favour of the Security Trustee by virtue of a deed of hypothec for the amount of fifty million euro (€50,000,000), and interest and costs thereon over immoveable property of the Issuer comprising commercial premises (€25.5m), car parking spaces (€19.7m), storage rooms (€1.9m) and properties earmarked for development (€0.6m).
ii. The pledge of 11,699,999 shares in T14 Investments Limited (C 63982), having a value of €11.7m, to be constituted by the Company in favour of the Security Trustee by virtue of the pledge agreement for the principal amount of the Bonds or any amount outstanding and any interest thereon.
Allocation Policy: The Issuer shall allocate the bonds on the basis of the following policy and order of priority:
I. An aggregate amount of bonds equivalent to the amount of Bonds 2016/18 (circa €40,832,900) shall be allocated to existing holders applying for Bonds by way of the Bond Exchange Programme, subject to a minimum amount of €2,000 and in multiples of €100;
II. An aggregate amount of €2m had been reserved for subscription by current shareholders (Cut-off Date June 24, 2016) and shall be allocated in accordance with the allocation policy as determined by the Issuer and Registrar;
III. The remaining bonds amounting to circa €7,167,100 shall be allocated to:
a) Existing holders having applied for bonds in excess of their respective holding in the Bonds 2016/18;
b) Current shareholders with respect to such unsatisfied excess amount that may result from an oversubscription in the reserved portion of €2m; and
c) Applications submitted by the general public, without priority or preference and in accordance with the allocation policy as determined by the Issuer and Registrar.
Applications are now open. You may contact us by phone on freephone number 8007 2206 or speak to our Investment Advisors at one of our branches in Valletta, Ħamrun, Birkirkara or Ta’ Xbiex (by appointment). We will be pleased to answer any queries you may have on this issue and assist in the completion of all the necessary forms at one of our offices.
Please note that our branch in St Paul’s Bay is only open by appointment.