MIDI moves closer to wind-down

MIDI plc is absorbing another subsidiary into its corporate structure as the listed company continues to streamline its operations following the return of Manoel Island to the government.

In a company announcement, MIDI said T14 Investments Limited will be amalgamated with the parent company through a merger by acquisition under Article 358 of the Companies Act.

Once the amalgamation takes effect, MIDI will assume all the assets, rights, liabilities and obligations of T14, which will then cease to exist as a separate company.

Before the merger, the single fully paid-up ordinary share in T14 held by another MIDI subsidiary, Tigné Contracting Limited, will be transferred to MIDI. This will make T14 a wholly owned subsidiary of MIDI when the amalgamation takes place.

The company said its board considers the restructuring to be in MIDI’s best interests, making the group’s structure more streamlined and better aligned with its current organisational and operational needs.

The move is the latest indication of MIDI’s continued contraction after it relinquished the Manoel Island concession through a controversial agreement with the government.

Taxpayers are paying more than €47 million to regain control of the island. The settlement provided MIDI with funds needed to meet its financial obligations, including a €50 million bond that matured in July.

The company had previously warned that it risked insolvency if the settlement was not concluded. It reported a record loss of €42 million for 2025, compared with a €3.7 million loss a year earlier.

MIDI has also sold a portfolio of income-generating commercial properties at Tigné Point to Basel Capital Limited for €10.2 million.