Trading Statement and option re land


 

TIDMATE 
 
RNS Number : 3350C 
Agua Terra Limited 
11 November 2009 
 

AGUA TERRA LIMITED 
(the "Company") 
 
 
TRADING UPDATE AND OPTIONS 
 
 
For immediate release 
11 November 2009 
 
 
Agua Terra Limited (LSE: ATE), the first development company dedicated 
exclusively to high quality mixed-use leisure real estate projects in Southeast 
Europe to be quoted on AIM, is pleased to provide an operational update. 
 
 
Operational Highlights 
 
 
  *  All remaining planning permits at Mykonos Azure have been granted, no further 
  planning permits are currently pending 
 
 
 
  *  First villa sales completed at Mykonos Azure 
 
 
 
  *  Strong progress on plans to secure additional sites at a discount to development 
  value 
 
 
 
Agua Terra acquired its initial portfolio of three sites in Mykonos ("Mykonos 
Azure") following its admission to AIM on 3 October 2008 and promptly achieved 
planning permits on one of those sites (Agrari).  Planning permits, which are 
irrevocable, have also been issued in respect of sites at Pyrgi (near 
Super Paradise Beach) and Platys Gialos (near Psarou Beach).  In recent weeks, 
two agreements to sell villas at Platys Gialos for EUR1.5 million each (total 
sales proceeds EUR3.0 million) have been finalised and non-refundable deposits 
received. Final payments for the first sales at Platys Gialos are due on 20 
April 2010. 
 
 
With construction due to commence shortly at Platys Gialos and planning 
approvals having been obtained for its other sites, Agua Terra's management is 
seeking to secure additional sites for development and has sought to negotiate 
options to acquire sites from the vendors at pre-agreed prices. On 9 November 
2009 Agua Terra signed an option agreement in respect of a portfolio of 
sites beneficially owned by Mr Yiannis Panayi who is a joint founder shareholder 
of Agua Terra and holds 19.86% of its issued share capital and founder warrants. 
Accordingly this option is a transaction with a "related party" as defined in 
the AIM Rules.  The Directors, who have consulted Agua Terra's Nominated 
Adviser, Fairfax I.S. PLC (who express no opinion on the terms of any contract 
arising from exercising the option) consider that the terms of the option 
agreement are fair and reasonable so far as Agua Terra shareholders are 
concerned. No initial payment is due on the grant of the option, which relates 
to 5 sites in Mykonos, collectively known as "Mykonos Bleu". 
 
 
The option, which may be exercised by Agua Terra in respect of some or all the 
sites at any time prior to 31 March 2010 is exclusive in respect of four sites, 
but the fifth (a site near Pyrgi) is subject to the seller not having sold that 
site to a third party prior to the exercise of the option by Agua Terra. The 
consideration payable on exercise of the option will depend on which properties 
Agua Terra wishes to acquire and ranges from EUR1.7 million to EUR5.6 million. The 
total maximum consideration amounts to EUR18 million of which up to EUR12 million 
must be in cash on completion and the balance will be deferred up to the date 
when planning permits have been received for all plots in Mykonos Bleu. 
 
 
The Mykonos Bleu portfolio has been valued for the vendor by CB Richard Ellis at 
EUR26 million based on the eventual development value. No contract to purchase any 
of the Mykonos Bleu sites has been agreed and no decision has been made as to 
which (if any) of the plots which are subject to the option the Company wishes 
to acquire. 
 
 
Mykonos Bleu is one of several development pipeline opportunities being 
considered along with their funding implications which could result in an issue 
of new Agua Terra shares and it is emphasised that no specific transaction is 
currently in contemplation. Details of the option granted to the Company have 
been disclosed in this announcement in order to comply with the AIM Rules for 
Companies as they apply to transactions with related parties. Options entered 
into with independent third parties in the ordinary course of business are not 
required to be disclosed. 
 
 
Lord Balfour, Chairman said: 
"Aqua Terra's near-term concentration on Mykonos, coupled with the forecast 
cashflow position and resilient pricing should enable the Company to remain 
value accretive. Our strong project pipeline should allow any additional capital 
raised to be used immediately to acquire additional land for development use. 
The completion of the first sales at Mykonos Azure has encouraged Aqua Terra's 
Board to explore all available funding options and ensure the continued growth 
of the Company through the acquisition of further carefully selected sites." 
 
 
Markos Kashiouris, Chief executive, said: 
 "I am delighted that Agua Terra has finalised its first sales at prices which 
reflect the attraction and resilience of Mykonos as a development proposition. 
We eagerly anticipate the imminent commencement of construction at Platys Gialos 
and the first villa deliveries. We look forward to continuing the strong 
progress made by exploring the capital raising opportunities available to us in 
the near term." 
 
 
Enquiries 
 
 
Agua Terra Limited 
Markos Kashiouris, Chief ExecutiveTel: +44 (0)20 7581 1234 
 
 
Fairfax I.S. PLC, Nominated adviser and broker 
James King, David Floyd and Rachel Rees    Tel: +44 (0)20 7598 5368 
 
 
  Notes to Editors 
 
 
Agua Terra Limited 
Agua Terra Limited (LSE: ATE) is the first development company dedicated 
exclusively to high quality mixed-use leisure real estate projects in Southeast 
Europe to be quoted on AIM. The Company, whose shares were admitted to trading 
on AIM in October 2008, aims to establish itself as a leading developer and 
operator of high quality mixed-use leisure real estate projects in Greece and 
Cyprus. The Company's initial focus is on development opportunities within 
Greece and intends to expand into Cyprus within the next two years, when 
circumstances allow. 
 
 
Agua Terra has recently launched its first project, "Mykonos Azure" on Mykonos 
island, Greece. Sales are currently underway and first deliveries are expected 
in 2010. 
 
 
Agua Terra was founded by Markos Kashiouris, Peter Economides and Yiannis 
Panayi, the principal shareholders of the company, who control Aqua Sol Hotels 
Public Company Limited, Sol Terra Developers Limited and Totalserve Management 
Limited, some of the leading hotel, real estate development and financial 
services and advisory companies in the eastern Mediterranean. The principal 
shareholders have collectively over 50 years' experience in real estate and have 
completed or advised on over $3 billion of real estate projects. They possess 
extensive local knowledge and contacts, as well as relationships with an 
international network of operators, architects and designers, marketing and 
branding companies and financial institutions. The principal shareholders also 
control Terra Sotheby's International Realty, the licencee of Sotheby's 
International Realty in the eastern Mediterranean. 
 
Agua Terra Limited is incorporated in the BVI and has local offices in the 
United Kingdom, Greece and Cyprus. 
 
 
 
 
www.agua-terra.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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