MIDI plc – Interim Directors’ Statement

MIDI has issued the following Interim Directors’ Statement

The Company announced that from July 1, 2015 until the date of this statement, no material events and/or transactions have taken place that would have an impact on the financial position of the Company such that they would require specific mention, disclosure or announcement pursuant to the applicable Listing Rule, other than those covered herein or by separate communications in terms of the Listing Rules.

During this period, the Company continued to enter into the definitive deeds of transfer pertaining to the Q1 apartments. Profits from the sale of these apartments will be registered in the Company’s 2015 financial statements in accordance with International Accounting Standards.

Construction work on the Q2 block is progressing according to plan, with completion projected for 2017. Works on the business centre at Tigne Point, owned by Mid Knight Holdings Limited, in which MIDI holds a 50% shareholding, are progressing well. As announced on September 15, 2015, Solutions and Infrastructure Limited (SIS) became a fully owned subsidiary of the Company during the period under review. Through additional investment and a certain element of restructuring, the Company believes that there is a solid foundation to turn around the financial results for SIS.

The Company has recently engaged an international consulting firm with the aim of reviewing the design concept of the Manoel Island development. In the meantime, the Company remains in discussions with third parties that have expressed an interest to invest in the project.

The Company is projecting to register a profit for the 2015 financial year following the transfer of Q1 apartments.

To view the official Company Announcement, click here.