Midi’s bond issue was not a panic button requesting funds but part of a larger financial plan which includes international sales and rents and banking facilities, Midi plc chairman Albert Mizzi said this morning

Midi, the developers of the Tigne Point and Manoel Island projects, on Friday offered the equivalent of €30,000,000 in seven percent bonds denominated in euro and sterling.

Chief executive Ben Muscat pointed out during a press tour that the €450 million development was not just apartments but the regeneration of two prime sites, including major structural and regeneration works. Fort Tigné and Fort Manoel were being restored as part of the project.

He said the development of Tigné was half way through and once regenerated, Tigné Fort would be the only historic attraction of its kind in Sliema.

The development at Tigné, he said, included a piazza, which would attract commercial interest, and the whole complex will be an open zone for pedestrians.

It was estimated that to complete, another €199.6 million were required. The bond issue would provide €23.73 million of that figure.

Mr Muscat said that Midi had already sold 235 apartments of the 260 launched so far since 2002. 30 percent of buyers, representing more than €50 million of sales to date, were foreigners.

These bonds are of a nominal value of €100 and £100 per bond and mature in 2016 - 2018. They are being issued at par. If the bond issue is over-subscribed, MIDI p.l.c. may issue an additional €10,000,000.

Tigné Point is to include 420 homes, 16,000 sqm of offices, an international-standard retail mall, a 2,500 sqm public square, cafes and restaurants, a clubhouse, sports facilities and a newly-built football pitch to replace the original one operated by Sliema Wanderers.

The proposed development at Manoel Island is limited to some 30 per cent of the islet’s surface area and will include low-rise Mediterranean-style residences, a car-free zone, landscaped gardens and a sheltered yacht marina.