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Sale of Superfast VII, VIII and IX to AS TALLINK Grupp
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Date: 10 April 2006
The Board of Directors of Attica Holdings S.A. wishes to announce that it has today concluded the sale and delivery of Superfast VII and Superfast VIII to AS Tallink Grupp. The sale and delivery of Superfast IX to her new owners AS Tallink Grupp is scheduled to take place on Wednesday 12th April, 2006.
The sale price of Superfast VII and Superfast VIII stands at Euro 206 mln and the sale price of Superfast IX at Euro 104 mln. Out of the total sale proceeds of Euro 310 mln, Attica's cash balances will increase by approximately Euro 102 mln after repayment of the ships' debt of Euro 196.6 mln and payment of various expenses related to the transaction of approximately Euro 11 mln.
Attica Group will book capital gains of approximately Euro 11 mln which will appear in the Group's second quarter 2006 results. Superfast VII and Superfast VIII served the Baltic Sea market since May 2001 while Superfast IX was redeployed to the Germany-Finland route as of November 2005. The sold vessels will retain their names and continue sailing under the Superfast livery until the end of 2007 at the latest, following an agreement with AS Tallink Grupp.
Attica Group maintains its presence in the Baltic Sea with the operation of its two RoRo vessels, which trade between Rostock, Germany and Uusikaupunki, Finland.