An extraordinary general meet-ing of Midi plc on Thursday passed a resolution enabling “companies that are Connected Persons of some of the directors” to participate in its share issue which opened on Monday, according to a company ann-ouncement on the Malta Stock Exchange.

This means that companies in which the directors of Midi are involved in were able to purchase shares in Midi.

Midi has not yet announced what amount of shares offered to the public has been purchased. However, shortly after its company announcement it issued another announcement stating that “the offer was closed on the December 2, 2010 as soon as applications exceeded 44,444,444 ordinary shares.”

The share issue consisted of 44,444,444 million ordinary shares with an over-allotment option of a further 22,222,222 million to be offered to the public and a further 22,222,222 million shares to be offered to existing shareholders. The Midi project consists of a €600 million real estate development in Tigné Point and Manoel Island.

So far, €265 million has been spent by the Midi Consortium over the past 10 years. To help finance the last phases of the projects, the company planned to raise €20 million from the public and another €10 million from its existing shareholders.

Two hundred and fifty one of Midi’s 259 apartments put on the market have since been sold so far at a value of €150 million, despite being among the most expensive apartments on the island.