Midi plc yesterday said that it received 45,147,700 ordinary share applications from the public and 22,222,222 ordinary share applications from existing shareholders with respect to its share issue of November 29.
However, in its company announcement on the Malta Stock Exchange, Midi did not specify how many of the ordinary share applications came from members of the public before an extraordinary general meeting of the company passed a resolution on December 2 enabling “companies that are Connected Persons of some of the directors” to participate in its share issue.
The resolution in question allowed companies in which the directors of Midi are involved to purchase shares in Midi.
Observers believe this was necessary because the share offer among the public did not do as well as expected and was not fully subscribed.
Shortly after its announcement on December 2 it issued another statement saying 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 ordinary shares with an over-allotment option of a further 22,222,222 to be offered to the public and a further 22,222,222 shares to be offered to existing shareholders.
Midi yesterday said it will satisfy all the applications received by exercising part of its over-allotment option. It said the company will proceed forthwith to issue and allot 67,369,922 new ordinary shares of a nominal value of €0.20 each, fully paid up.
Midi said that, following the issue and allotment of the new ordinary shares, the total issued share capital of the company will consist of €42,831,984 divided into 214,159,922 ordinary shares having a nominal value of €0.20 each, fully paid up. It said all the ordinary shares of the company will shortly be admitted to listing on the Official List of the Malta Stock Exchange.
The Midi project consists of a €600 million real estate development in Tigné Point and Manoel Island.
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.