Kreuzfahrten-Treff.de - Forum

All Leisure group plc
Update

The Board of All Leisure group plc (the "Company" or the "Group") (AIM: ALLG), the niche cruise and tour operator specialising in the over-55s market, announces that it has successfully sold its 43 year old, loss-making cruise ship mv Discovery (“Discovery”) to Liberty Resources Inc. of Nassau, Bahamas (“Liberty”) for a net consideration of US Dollars 5.0m. This cash has now been received by the Company.

On 13 February 2014, the Group announced that it had written down the value of Discovery to approximately £9.9m including spares and planned to dispose of it at the end of the summer. Although the consideration received is less than the current book value of the vessel, the Board’s decision to sell mv Discovery to Liberty also took into account the absence of the future liabilities and other uncertainties associated with many other bids. The losses attributable to mv Discovery for the year ended 31 October 2013 were in excess of £3m. Several higher indicative offers were made but had weaker cash flow profiles given the prospect of staged payments over several years. Furthermore, during these extended payment periods, the Group would have remained responsible for warranting the vessel and the forthcoming winter lay-up costs of the vessel, together with the costs of meeting the requirements of the dry docking regime. It was the Board’s considered view that is was therefore in shareholders’ best interests to accept the lower cash offer in full and final settlement.