Further to the announcements made by C.C.C. Tourist Enterprises Public Company Ltd (the “Company” or “CCCT”) on 23/10/2013 and 25/10/2013 regarding the agreement between Emerald Coast Properties Ltd (the “Investor”) and L’ Union Nationale (Tourism and Sea Resorts) Ltd, the Company’s Subsidiary, which is the owner company of Le Meridien Limassol Spa & Resort, CCCT announces that the agreement has been completed.
The terms of the Agreement remain the same as the one that have been announced by the announcements on 23/10/2013 and 25/10/2013. Specifically the Company’s Subsidiary, L’ Union Nationale (Tourism and Sea Resorts) Ltd, has completed the issue and allotment of 20.000.000 (twenty million) shares with nominal value of €1 each, to the Investor for the subscription price of €20.000.000 (twenty million Euros). After the issue of the said new shares, the Company and the Investor each have 50% share in L’ Union Nationale (Tourism and Sea Resorts) Ltd.
The exact impact on the 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 announcements dated 23/10/2013 and 25/10/2013.
C.C.C. Secretarial Ltd
Limassol, 31st January 2014