Aqua Sol: Cancellation of agreements for Thalassaki
22/2/2007 10:42
The Board of Directors of AQUA SOL HOTELS PUBLIC COMPANY LTD announces that it has signed an agreement on 21/02/2007 with Thalassaki Touristic Village Ltd, the owner company of the tourist village THALASSAKI, for the cancellation of the rental agreements relating to the above unit with immediate effect. The cancellation agreement provides that the Company will receive the amount of £2.500.000 (€4.320.000 approx.) within a month as a refund of the unamortised amount of rent prepaid as well as a compensation for the cancellation of the rental agreements.
The terms of the rental agreements provided:
1. the rental of the tourist village for a period of 20 years, i.e. from 1/5/2001 to 30/4/2021, for a total rental amount of £2.400.000 (€4.150.000 approx.) which was prepaid by the Company in 2001, and
2. the right of use of the equipment in the tourist village by the Company for the same period of 20 years, i.e. from 1/5/2001 to 30/4/2021, for an annual rent of £2.400 (€4.150 approx.) for 2001, £6.000 (€10.400 approx.) for 2002 and £8.400 (€14.500 approx.) from 2003 onwards.
Thalassaki Touristic Village Ltd is wholly owned by the Managing Director of the Company Mr. Yiannis Panayis.
The Board of Directors of the Company decided that it is for the benefit of the Company to proceed to the signing of the above cancellation agreement after considering the economic and other information had at its disposal.
The terms of the rental agreements provided:
1. the rental of the tourist village for a period of 20 years, i.e. from 1/5/2001 to 30/4/2021, for a total rental amount of £2.400.000 (€4.150.000 approx.) which was prepaid by the Company in 2001, and
2. the right of use of the equipment in the tourist village by the Company for the same period of 20 years, i.e. from 1/5/2001 to 30/4/2021, for an annual rent of £2.400 (€4.150 approx.) for 2001, £6.000 (€10.400 approx.) for 2002 and £8.400 (€14.500 approx.) from 2003 onwards.
Thalassaki Touristic Village Ltd is wholly owned by the Managing Director of the Company Mr. Yiannis Panayis.
The Board of Directors of the Company decided that it is for the benefit of the Company to proceed to the signing of the above cancellation agreement after considering the economic and other information had at its disposal.
