MIDI, developers of the Tigne Point and Manoel Island projects are offering the public the equivalent of e30,000,000 in 7% bonds denominated in euro and pound sterling. These bonds are of a nominal value of e100 and £100 per bond and mature in 2016 – 2018. The bonds are being issued at par. If the bond issue is over-subscribed, MIDI may issue an additional e10,000,000.
Midi is a consortium of companies which include Alf. Mizzi & Sons Ltd, Bank of Valletta, First Gemini, Fortress Developments, Gatt Investments, Gee Five, Investors, Lombard Bank Malta, Middlesea Valletta Life Assurance, Pater Holding Company, Pininfarina Extra, Polidano Brothers, Vassallo Builders Group.
Copies of a detailed prospectus on this bond issue, together with application forms, can be obtained from branches of all banks and from authorised intermediaries and stockbrokers.
The minimum application amount is e2,500 in the case of the euro-denominated bonds, and any amount greater than that must be in multiples of e100. The minimum application amount for the pound sterling bond is £2,000 and any amount greater must be in multiples of £100.
Subscriptions open on Tuesday, 13 January and close on Tuesday, 20 January, or earlier if the number of applications warrants this. MIDI has applied for the bonds to be listed on the Official List of the Malta Stock Exchange.
This bond issue is jointly managed by Bank of Valletta and HSBC Bank Malta. The registrar is Malta Stock Exchange. and the sponsoring stockbroker is Charts Investment Management Service. The proceeds of the bond issue will be used mainly to contribute finishing the construction of to Tigné Point. The Manoel Island and Tigne Point project covers an area of 44 hectares in the heart of one of Malta’s busiest commercial and residential areas.
Tigné Point is to include 420 homes, 16,000 sq m of offices, an international-standard retail mall, a 2,500 sq m 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.