Camper and Nicholsons acquire 70% of Grand Harbour Marina
Eyes privatisation of Msida, Mgarr marinas
Camper & Nicholsons Marina Investments (CNMI) have acquired a 70 per cent holding in Grand Harbour Marina in a deal worth Lm4.1 million (€9.5 million) including transaction-related costs.
The company said in a statement it had acquired shares from Porto Salvo Holidings, V&F Portelli, Nicholas Maris and Simon Arrol for Lm0.56c per ordinary share.
CNMI has now made a mandatory bid to acquire the remaining three million publicly listed shares for a cash offer of Lm2.2 million (€5.2 million).
Following the transactions, Walter Bonnici, Anthony Demajo, Pascal Demajo, Vincent Portelli, David Mead and Simon Arrol resigned as directors, while George Kershaw, chairman of CNMI, John Hignett, Trevor Ash, Roger Lewis and Lawrence Zammit were appointed instead. Nicholas Maris remains a director.
Mr Kershaw said he was delighted that the acquisition had been completed.
"The acquisition fulfils our strategy of purchasing key marinas in the Mediterranean, especially those capable of providing a large number of superyacht berths and follows April's completion of a joint venture investment in Cesme Marina in Turkey."
Grand Harbour Marina opened in November 2005 and has a total of 230 berths, of which 33 are for superyachts. Seven of the 33 have been sold on 25-year terms. CNMI said that although Grand Harbour Marina was substantially complete, it still required an estimated €1 million of additional investment to complete outstanding works to the marina and immediate surroundings.
In also pointed out that the government had announced its intention to privatise the yacht marinas at Msida and Mgarr.
"MMI believes that, with the backing of CNMI, Grand Harbour Marina should be well placed to tender for such marinas."
The company said in a statement it had acquired shares from Porto Salvo Holidings, V&F Portelli, Nicholas Maris and Simon Arrol for Lm0.56c per ordinary share.
CNMI has now made a mandatory bid to acquire the remaining three million publicly listed shares for a cash offer of Lm2.2 million (€5.2 million).
Following the transactions, Walter Bonnici, Anthony Demajo, Pascal Demajo, Vincent Portelli, David Mead and Simon Arrol resigned as directors, while George Kershaw, chairman of CNMI, John Hignett, Trevor Ash, Roger Lewis and Lawrence Zammit were appointed instead. Nicholas Maris remains a director.
Mr Kershaw said he was delighted that the acquisition had been completed.
"The acquisition fulfils our strategy of purchasing key marinas in the Mediterranean, especially those capable of providing a large number of superyacht berths and follows April's completion of a joint venture investment in Cesme Marina in Turkey."
Grand Harbour Marina opened in November 2005 and has a total of 230 berths, of which 33 are for superyachts. Seven of the 33 have been sold on 25-year terms. CNMI said that although Grand Harbour Marina was substantially complete, it still required an estimated €1 million of additional investment to complete outstanding works to the marina and immediate surroundings.
In also pointed out that the government had announced its intention to privatise the yacht marinas at Msida and Mgarr.
"MMI believes that, with the backing of CNMI, Grand Harbour Marina should be well placed to tender for such marinas."