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Midi plc shareholder Fortress goes into liquidation
Fortress Developments’ shareholders to retain 25.3 million shareholding
2 January 2014, 12:00am
Matthew Vella
Matthew Vella
1 min read
Midi plc's Tigné Point
A holding company that held just over 10% of Midi Plc's share capital and voting rights, has gone into liquidation.
The shareholders of Fortress Developments Ltd will retain their shares in Midi plc, individually.
Midi is the developer of Tigné Point and the Manoel Island project.
Fortress held 25.3 million shares, over 10% of the issued share capital and voting rights in the company, and was placed in liquidation on 12 December.
The assets of Fortress, consisting in shares in Midi plc, were distributed by the liquidator to Fortress's shareholders.
The shareholding of Fortress has now fallen below the 10% and 5% thresholds, respectively.
The main shareholders were Finco Treasury partners Paul Bonello and Arthur Galea Salomone, as well as Vicamar Ltd and Angelo Buhagiar. Other shareholders included Argotti Properties, Classic Holdings, Finco Holdings, Firstco Limited, Galtmat Limited, Property Office Holding Limited, Taurus Hodlings, Joseph Bonello, James Dunbar Cousin, John Gatt, and Andrew Zammit.
Matthew Vella, a freelance journalist at MaltaToday, was formerly executive editor at Malt...
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Finances come and go,and in this economy,any one can go Bust.
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Remember that the PN government had given them millions in tax exemption from being paid on the contracts but used to send its own architects to others who bought their property to revalue their bought property and impose an additional tax and penalty.
