MIDI plc shareholders will be asked to approve the company's agreement with government for the partial rescission of its long-standing emphyteutical concession over Manoel Island and Fort Tigné at an extraordinary general meeting to be held later this month.
The EGM will take place at The Phoenicia in Floriana on Tuesday 28 April 2026 at 3pm.
In a company announcement issued on Tuesday, MIDI said the sole item of special business on the agenda is an ordinary resolution seeking shareholder approval for the company to enter into and complete a deed of partial rescission concerning Manoel Island and the Fort Tigné site.
If approved, the resolution will authorise the company's directors to execute all documents and take all steps deemed necessary to implement and complete the proposed transaction.
MIDI said the notice of meeting, the circular to shareholders and other EGM documentation have been sent to shareholders listed on the Register of Members held by the Central Securities Depository of the Malta Stock Exchange as at close of business on Friday 27 March 2026, the record date.
The EGM documentation, including the circular to shareholders, is also available on the company's website.
The vote follows the announcement that MIDI is set to receive €47.321 million in reimbursement as part of an in-principle agreement reached with government for the partial rescission of the concession.
According to the company, once VAT reimbursements arising from the transaction are taken into account, the net reimbursement is expected to amount to around €43 million.
Under the agreement reached after negotiations with government, the emphyteutical concession over Manoel Island and Fort Tigné will be rescinded, while the concession over Tigné Point - excluding Fort Tigné - will remain fully in force.
MIDI had said earlier that the agreement was subject to a number of conditions, including the finalisation of the terms of the rescission, approval by the company's shareholders at an extraordinary general meeting, and the approval of the deed by the House of Representatives.
The company also said it would issue a further announcement once the terms of the deed of partial rescission are finalised, while full details of the transaction, its financial impact, and the reasons why the board accepted the proposal and is recommending it to shareholders would be outlined in a circular in line with Capital Markets Rules.
The development came after Prime Minister Robert Abela announced that an agreement had been reached for Manoel Island and Fort Tigné to return to government hands.
In a video message posted on social media, Abela said he had been informed that the board of directors of the MIDI consortium had accepted a government offer which would see both sites removed from the concession and returned to the State.
He said government intends to transform Manoel Island into what he described as Malta's largest national park, following years of campaigning by environmental activists and a parliamentary petition signed by thousands calling for the site to be saved from large-scale development.
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