Grand Harbour Marina plc - ‘COVID-19’ Market Update

On 2 April 2020, Grand Harbour Marina plc announced that in the light of the prevailing developments related to the ‘COVID-19’, it is expected that the Pontoon and Superyacht visitors’ sector to be significantly impacted. Although the full extent of the impact is unclear, GHM explained that it took a worst-case scenario in its forecast where no income from Pontoon and Superyacht visitors is generated for the next six months up to and including September 2020. In such a scenario, GHM would still have sufficient resources to meet all its payment obligations, including but not limited to salaries and annual bond interest payments. Such a scenario would also not alter GHM’s ability to redeem in full its current €15 million bond maturing in 2027.