Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Pursuant to the variation of the Main Site Agreement, SGBH has today completed the sale of the Old Villa and adjoining areas to GIL for the sum of €15,373,884 (£13,484,433). Payment in full has been made to SGBH by way of the refundable deposit of €815,300 (£715,100) previously paid by GIL pursuant to the Main Site Agreement being released unconditionally to SGBH and the balance of €14,558,584 (£12,769,334) has also been received by SGBH in full today. Sale of the Remaining Property Further pursuant to the variation of the Main Site Agreement, it has been agreed that GIL will now be given until 30th March 2015 to complete the purchase of the Remaining Property. The total consideration of €29,117,167 (£25,538,667) payable by GIL for the Main Site remains unchanged. Therefore the consideration payable for the sale of the Remaining Property will be €13,743,283 (£12,054,234). As part of the variation, GIL has agreed to pay to SGBH a refundable deposit of €400,000 (£350,840) by no later than 30th March 2013. GIL has granted to SGBH a second ranking charge over the Old Villa and adjourning areas which is to be released upon payment by GIL of the deposit. Lease back and continued operations SGBH has agreed to lease back from GIL part of the Old Villa and adjoining areas until 30th March 2015 for a rental fee of €2,000 which covers the entire period. This is to allow SGBH to complete its existing contracts and to continue operations and maintain the student accommodation business at the property. On completion of the sale of the Remaining Property, the current hotel operations in Malta will cease. Information on the Main Site The business carried on at the Main Site includes the hotel and youth hostel operations carried on from the Villa Rosa Hotel, the Cresta Quay Beach Club and the Old Villa. In the year ended 31st March 2011, these businesses contributed €893,008 (£758,968) of revenue which constituted the entire revenue of SGBH. In the same period, SGBH reported an overall operating profit of €93,705 (£79,640), but no segmental analysis is available of the operating result attributable to the businesses carried on at the Main Site Financial impact of the Old Villa and adjoining areas sale The net book value of the Old Villa and adjoining areas was €3,996,638 (£3,467,083) and was consolidated in the Company accounts at 31st March 2011. The total cash consideration for the sale of the Old Villa and adjoining areas is €15,373,884 (£13,484,433). The sale of the Old Villa and adjoining areas will generate proceeds, after expenses and taxation, of approximately €13,329,000 (£11,690,866). As regards the sale proceeds for the Old Villa and adjoining areas, as was stated previously in the Circular, the Board will meet to consider the best use for those funds taking into account the ex