The Board of Directors of Middlesea Insurance plc wishes to announce that, following the closure of the Rights Issue on the 14 December 2009, it is intended that an Extraordinary General Meeting will be convened in early 2010 to propose further amendments to the Memorandum and Articles of Association of the company, to better reflect the resulting shareholding structure, and to implement certain changes in the governance of the group.

The Board of Directors has been informed by Mr Mario C. Grech, the Executive Chairman, that after careful consideration, following the expiry of his current contract on 31 December 2009, he will not be renewing his Executive position within the company. Mr Grech said ‘I retire from Middlesea with nothing but goodwill for the Group and its future’.

Subject to regulatory approval the Middlesea Board of Directors has appointed Mr Joseph F. X. Zahra as (non executive) Chairman designate of the Board. Mr Grech stated that he would do his utmost to ensure a smooth transition. The Board was also informed that he would remain available to assist in an advisory capacity as may be mutually agreed in the future.

The Board of Directors thanked Mr Grech for his 25 years of outstanding service to the Middlesea Group. It was noted that Mario Grech was instrumental in building up Middlesea into Malta’s leading insurance group, his name becoming synonymous with the business, education and training of insurance in Malta.

The Board, together with the Shareholders, Management and Staff of Middlesea expressed its sincere thanks, appreciation and good wishes to Mr Grech in his future endeavours.

Mr Grech concluded by thanking all those who supported him throughout his 25 years with the Middlesea Group and augured success to Mr J.F.X. Zahra, as the incoming Chairman.

The Middlesea Group is composed of Middlesea Insurance p.l.c. (C-5553), International Insurance Management Services Ltd. (C-23610) and Progress Assicurazioni SpA.

Middlesea Valletta Life Assurance Co. Ltd (MSV) (C-15722) is an associate company of Middlesea Insurance p.l.c. Growth Investments Ltd. (C-21821) is a subsidiary of MSV.

All the Companies are authorised by the respective regulatory authorities in Malta and Italy.  

Euro Globe Holdings Ltd. (C-30503), Church Wharf Properties Ltd. (C-25653) and EuroMed Risk Solutions Ltd. (C-37185) also form part of the Middlesea Group. COM 301209229