The Board of Directors of C.C.C. Tourist Enterprises Public Company Ltd (“CCCT”), announces that the Equity Recapitalization of L’ Union Nationale (Tourism and Sea Resorts) Ltd (“L’ Union”) owner of Le Meridien Limassol Spa & Resort, has been completed according with the Memorandum of Understanding dated 6th June 2014 which was signed by the Emerald Coast Properties Ltd (“Emerald”).
With the restructuring, the issued share capital of L’ Union increased by €52,5 million through the issue of 40.076.336 shares of € 1,31 each share. With the issuance of these shares, the Company CCCT holds 24.98% of the total issued shares of L’ Union.
The calculation of the accounting profit on Company’s results, will be soon completed and then will be announced.
For purposes of easy reference to the investors, we attached as Appendix A the announcement dated 10/6/2014.
C.C.C. Secretarial Ltd
Limassol, 30 September 2014