Midi to sell its shares in The Point through public offering

  Midi plc has announced plans to sell its shares in The Point and the underlying car park through an initial public offering. "The company believes that the disposal of a long-term commercial assets such as The Point through the sale of its ordinary shares in TML is today in the best interest of its business, and hence of its shareholders," the company said in a statement. The sale, it added, would release significant financial capital back to Midi and strengthen its capabilities to deliver against its current plans by reducing the bank borrowings. MIDI Group is offering 42.4 million shares and TML is issuing 14 mln shares. This combined offering of 56.4 million shares is all at a price of €0.50 for a total IPO value of €28.2 million According to a valuation by KPMG and DeMicoli Associates, the assets are worth €58 million. MSV Life, which holds a 12.55% shareholding, has indicated an interest to acquire 20 million shares in the offering and it is expected that Midi and MSV will enter into a conditional subscription agreement prior to the initial public offering. Bank of Valletta, which holds an 8.9% shareholding in Midi is expected to underwrite the issue of the 14 million...