Grand Harbour Marina plc - Interim Directors’ Statement

On 18 November Grand Harbour Marina plc issued its Interim Directors’ Statement explaining that the third quarter of 2009 saw the continuation of a high level of occupancy throughout the marina as pontoon berths remained full while super-yacht berthing during the summer totalled 104 yachts (summer 2008: 96 yachts). The Directors stated that GHM’s winter bookings have maintained the super-yacht berth occupancy consistent with that of last winter whilst the Company has managed to increase both rental price and the square meterage occupancy.

GHM also revealed that enquiries for long-term berth sales during the period remained strong despite negative external factors which continued to depress the realization of sales. During the third quarter, the Company saw a solid progression from individual enquiries towards actual positive requests for negotiations. The Directors confirmed their cautious optimism that progress, although slow, will result in a positive outcome.

The Company explained that the marina in Vittoriosa continued to benefit from the management role of Camper & Nicholsons and is gaining a reputation as one of the Mediterranean’s leading super-yacht marinas. The Directors believe that GHM plays an integral role in achieving Malta’s target in becoming a centre of excellence in the yachting sector.

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