Further to the announcement made on 31 January 2014 by The Company C.C.C. Tourist Enterprises Public Company Ltd (the “Company”), regarding the agreement between Emerald Coast Properties Ltd (the “Investor”) and L’ Union Nationale (Tourism and Sea Resorts) Ltd, the Company’s Subsidiary, the Company announces that the negative effect on Company’s results is estimated to €1,4 million and concerns the difference between the book value of the assets attributable to the Company before and after the completion of the Agreement.
The Board of Directors considers that the long term benefits from the prospective offered are much higher in relation to the above non-recurring loss.
C.C.C. Secretarial Ltd
Limassol, 18th February 2014