Grand Harbour Marina plc - Interim Directors’ Statement

On 18 November, Grand Harbour Marina plc published its Interim Directors’ Statement revealing continued high level of occupancy at the marina during the third quarter of 2010. The number of super-yachts visiting the marina during the first nine months of the year amounted to 152 compared to 104 super-yacht visits during the first three quarters of 2009. GHM announced that berthing revenues from pontoon berths and super-yacht visits between January and September 2010 rose by 13.2% to €1.1 million.

On the other hand, the Company has not yet managed to concluded a super-yacht berth sale despite the buoyant enquiries. Nonetheless the Directors reiterated that although progress is slow they are cautiously optimistic that discussions currently taking place will result in a positive outcome.

The Directors also stated that no final decision has as yet been taken on the tender of the 50-year concession of the Mandraki Marina in Rhodes, Greece. GHM had been selected as one of the three shortlisted bidders. Meanwhile, Grand Harbour Marina is considering a number of investment opportunities with Camper & Nicholsons Marina Investment Ltd in line with the use of proceeds outlined in the January 2010 bond prospectus.

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