MIDI terminates senior managers’ contracts as it prepares to wind down

MIDI plc has terminated the contracts of two of its most senior officials as the company scales back its operations following the return of Manoel Island to the government and prepares to wind down its business.

In a company announcement, MIDI said its board had resolved to terminate the employment of Chief Financial Officer Jesmond Micallef and Senior Project Manager Perit Ivan Piccinino.

Micallef’s employment will end on 31 August, while Piccinino will leave the company on 30 September.

The listed company said the decision followed a review of its organisational structure and operational requirements.

It attributed the terminations to the “reduced scope” of the two senior positions following the contraction of MIDI’s business after it relinquished the Manoel Island concession. Its other major project, Q3 at Tigné Point, is also nearing completion.

The functions and responsibilities previously handled by the two officials will be absorbed internally rather than assigned to replacements.

The restructuring is the latest indication that MIDI is moving towards ending its operations after surrendering the Manoel Island concession through a controversial agreement with the government.

Under the deal, taxpayers are paying more than €47 million to regain control of Manoel Island. The settlement provided MIDI with the liquidity needed to address its financial obligations, including a €50 million bond that matured in July.

MIDI had warned that it could not repay the bond without the government settlement and risked insolvency. Its audited financial statements showed that the company registered a record €42 million loss in 2025, compared with a €3.7 million loss the previous year.

The company subsequently sold a portfolio of income-generating properties at Tigné Point to Basel Capital Ltd for €10.2 million.

The sale included 11 commercial outlets beneath the Pjazza residential blocks and Unit T3, which MIDI had used as its sales office. The properties generated approximately €657,000 in annual rental income.

The departure of its chief financial officer and senior project manager now marks another stage in the company’s contraction as its remaining development activity at Tigné Point approaches completion and its assets and liabilities are progressively settled.