CNMI to buy 50% of Grand Harbour Marina
Camper & Nicholsons Marina Investments Ltd have entered into a conditional agreement to acquire 50 per cent of Grand Harbour Marina with put and call options for a further 20 per cent equity.Shares will be bought from Portosalvo Holdings Ltd, V&F...
Camper & Nicholsons Marina Investments Ltd have entered into a conditional agreement to acquire 50 per cent of Grand Harbour Marina with put and call options for a further 20 per cent equity.
Shares will be bought from Portosalvo Holdings Ltd, V&F Portelli Ltd, Nick Maris and Simon Arrol. The shares will be sold for 56c each for a total of Lm2.9m (€6.8 million).
Grand Harbour Marina said in a company announcement that an exercise of the put and call options would cause CNMI's interest in the marina to exceed 50 per cent and CNMI would therefore be obliged, in terms of listing rules, to make a mandatory bid to acquire the remaining three million publicly listed shares. CNMI have confirmed that any mandatory bid for such shares would be at a price at least equal to the Grand Harbour Marina IPO price of 70c per share. However CNMI will only exercise the call option if the price of the mandatory offer required as a result does not exceed 79c per ordinary share.
The purchase of the ordinary shares is subject to a due diligence exercise and the lifting, by GHM shareholders, at a general meeting, of certain lock-up restrictions binding vendor shareholders.
CNMI is a fund listed at the AIM exchange in London and is a separate legal entity from the management company Camper & Nicholsons.
The marina management company believes that CNMI's involvement would put Grand Harbour Marina in a good position to tender for the privatisation of Msida and Mgarr marinas.
Shares will be bought from Portosalvo Holdings Ltd, V&F Portelli Ltd, Nick Maris and Simon Arrol. The shares will be sold for 56c each for a total of Lm2.9m (€6.8 million).
Grand Harbour Marina said in a company announcement that an exercise of the put and call options would cause CNMI's interest in the marina to exceed 50 per cent and CNMI would therefore be obliged, in terms of listing rules, to make a mandatory bid to acquire the remaining three million publicly listed shares. CNMI have confirmed that any mandatory bid for such shares would be at a price at least equal to the Grand Harbour Marina IPO price of 70c per share. However CNMI will only exercise the call option if the price of the mandatory offer required as a result does not exceed 79c per ordinary share.
The purchase of the ordinary shares is subject to a due diligence exercise and the lifting, by GHM shareholders, at a general meeting, of certain lock-up restrictions binding vendor shareholders.
CNMI is a fund listed at the AIM exchange in London and is a separate legal entity from the management company Camper & Nicholsons.
The marina management company believes that CNMI's involvement would put Grand Harbour Marina in a good position to tender for the privatisation of Msida and Mgarr marinas.