Grand Harbour Marina plc - Interim Directors’ Statement

On 19 May, Grand Harbour Marina plc published its Interim Statement covering the first quarter of 2011. During this period, GHM experienced a continued high level of occupancy throughout the marina with berthing revenues increasing by 8.3% to €303,212 compared to €279,879 during the first three months of 2010. Furthermore, the Company reported that it concluded one super yacht berth sale during March 2011. However the size of the berth and the value of this sale was not disclosed. GHM reported that enquiries for further super-yacht berths remain buoyant, and in fact the Board of Directors is cautiously optimistic that progress, whilst slow, will result in further positive outcomes.

The Directors also made reference to the acquisition of a 45% beneficial interest in Cesme Marina, Turkey from its largest shareholder, Camper & Nicholsons Marina Investments Limited. Details of this acquisition is available here.