Camper & Nicholsons Marina Investments Ltd yesterday announced it has entered into agreements with the private shareholders of Grand Harbour Marina plc, which runs the Vittoriosa yacht and superyacht marina, to take up a 50 per cent stake in the company.
The move could be followed by another buyout of the remaining 20 per cent of private shares and the 30 per cent stake held by the public.
In a statement issued yesterday, the specialist marina investment company said it would first take up a 50 per cent stake in Grand Harbour Marina plc (GHM) at a price of E6.8 million (Lm2.9 million).
Contacted yesterday, one of GHM’s directors, Walter Bonnici, was upbeat about the prospect. “In the long run, this is positive news for the existing public shareholders, seeing how the offer has been made by a company of the calibre of Camper & Nicholsons Marina Investments Ltd, which is also listed in the Alternative Investment Market of the London Stock Exchange.
“Camper & Nicholsons has so far offered for 50 per cent of the company, and could also use a call option to take up another 20 per cent from the shareholders. That, in turn, would mean the company would become the dominant shareholder and a mandatory buyout of the remaining public shares (representing 30 per cent of the company’s equity) would then be triggered.”
Grand Harbour Marina also confirmed yesterday that CNMI had entered into agreements with various shareholders that would provide for the 50 per cent shareholding. The shares are being purchased at
Lm0.56 each.
After that, CNMI will have a “call” option for a further 20 per cent equity in the company, worth E2.7 million (Lm1.2 million), making it the clear majority shareholder and meaning all public shareholders would have to be bought out by CNMI.
GHM shares were listed on the Malta Stock Exchange in February and closed trading yesterday at Lm0.749, 4c9 up on the initial public offering price.
The anticipated acquisition cost, including transaction-related costs, will run up to E9.5 million for the intended 70 per cent stake and up to a total of E15.2 million for the 100 per cent stake.
Speaking yesterday, CNMI chairman George Kershaw commented, “Following our recently announced investment in Cesme Marina in Turkey we continue our stated strategy with this agreement to purchase 50 per cent (with conditional rights to acquire a further 20 per cent) of the shares in the publicly quoted Grand Harbour Marina in Malta.
“This is an important and strategically located new superyacht marina. It is already trading profitably with forecast profits from operating activities for 2006 of E1.4 million. Its stock of valuable superyacht berths enables CNMI to benefit from the rapid growth in the world superyacht fleet, of which there are now some 600 on order.
“We consider this another sound investment for our shareholders.”
Camper & Nicholsons (C&N) and its subsidiaries have promoted and been involved with the development of the Grand Harbour Marina since its inception. In 2001, a C&N subsidiary acquired the development rights to GHM through a 99-year sub-emphyteusis.