MIDI plc has announced that it has been served with a further judicial letter from the Government of Malta, the Lands Authority, and Transport Malta regarding its emphyteutical concession for the Manoel Island and Tigné Point development.

The judicial letter, dated 24th September 2025, formally invokes clause 21.4 of the deed signed in June 2000, requiring MIDI to remedy alleged defaults within six months. Should these not be addressed, the Government has threatened rescission of the concession by the end of March 2026.

According to the company, the notice relates primarily to development completion deadlines under the concession. MIDI has categorically rejected these allegations, insisting that there is no valid legal basis for rescission or penalties. It stressed that contractual extension mechanisms apply to cover delays, which the company attributes to factors beyond its control, including permit issues, archaeological investigations, heritage requirements, and force majeure events.

MIDI stated that it will formally reply to the judicial letter while continuing to explore all legal and commercial options to safeguard the interests of its shareholders and bondholders.

Despite the escalation in legal exchanges, MIDI emphasised that both sides remain engaged in parallel discussions aimed at reaching a mutually acceptable resolution. The company described the judicial measures taken by both parties as “protective steps” to safeguard their legal positions while negotiations continue.

It added that all talks are being conducted on a strictly without prejudice basis, ensuring that participation in settlement discussions cannot be interpreted as an admission of liability or waiver of rights.

MIDI concluded by confirming that it will keep the market informed of any material developments, in line with its obligations as a listed entity under the Malta Financial Services Authority’s Capital Markets Rules.