Midi plc on Wednesday held its first annual general meeting since the listing of the company’s shares on the Malta Stock Exchange in December 2010. In a statement the company said all resolutions on the agenda were approved by the shareholders.
Ben Muscat, chief executive officer, gave an overview of the status of the development emphasising works carried out during 2010 which focussed on the completion of a number of phases that were in their final stages. These included The Point shopping mall and Pjazza Tigné, the Sliema Wanderers Sports Complex which was handed over to the club early this year, the T10 residential block and all the substructures for the Tigné North phases.
The works on the substructures for the remaining phases at Tigné North involved a capital investment of €14 million. Midi’s CEO explained that during the course of 2011, Midi will continue to hand over various T10 apartments, launch 22 apartments overlooking Pjazza Tigné and, subject to having all permits approved by Mepa, commence preparatory works for the Tigné North residential and office blocks.
The financial results for 2010 were presented by chief financial officer and company secretary Luke Coppini. The company registered a profit before tax of €1.5 million for the year ended December 31, 2010. Following the IPO and increase in share capital in 2010, shareholders funds amounted to almost €63 million. The meeting re-appointed PricewaterhouseCoopers as Midi’s independent auditors for the year ending December 31, 2011. The candidates nominated for the post of directors of the company were automatically elected in view of the fact that the number of nominations was equivalent to the vacant posts.
The new board of directors of Midi plc is composed of Albert Mizzi as chairman and Paul Bonello, David G. Curmi, David DeMarco, Joseph A. Gasan, Jesmond Manicaro, Alec A. Mizzi and Joseph Said as non-executive directors. “In response to the concerns expressed by some shareholders on the current impasse in relation to the issue of permanent residency permit to non-EU nationals, the chairman indicated that Midi was working closely with other property developers to resolve the issue with the government without further delay,” the company said.