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Woolworth invests in Limni Resorts December 21, 2006

Posted by grhomeboy in Architecture Cyprus.
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Woolworth (Cyprus) Properties Public Ltd has invested in Cyprus Limni Resorts & Golfcourses Plc with the acquisition of the share capital of N.K Shacolas Merchants Ltd

At a meeting held on December 20, 2006 and within the framework of the Company’s policy for new investments in the sector of land development, the Board of Directors of Woolworth (Cyprus) Properties Public Ltd decided to acquire 100% of the share capital of N.K Shacolas (Merchants) Ltd, which belongs to N.K Shacolas (Holdings) Ltd. 

N. K. Shacolas (Merchants) Ltd holds 11.73% of Cyprus Limni Resorts & Golfcourses Plc.  This company owns a plot of 2,800,000 square meters in Limni, Polis Chrisohous, where a huge project with golf court, hotel, properties, villas and flats will be constructed. 

The plot has access to the seafront with a quay of 150 meters.  The Company is in a position to satisfy the needs of water supply and irrigation of the project.  The above plot also includes a land of 280,000 square meters at the hill of Kinousa village, adjacent to the state forest, which will be developed separately in the near future and will benefit the village of Kinousa.  The Company has already secured an approval by the competent authority for the separation of plots.  

Cyprus Limni Resorts & Golfcourses Plc has also undertaken the cleaning, embellishment and restoration of the natural environment of the property, so as to be ready to accept the project without burdening the environment. 

Woolworth is interested in investing in this project, since it is involved in the sector of land development and has the know-how to contribute to the project.  Cyprus Limni Resorts & Golfcourses Plc has already started the procedures for its listing on the Cyprus Stock Exchange. 

The acquisition price is estimated at CYP 10 mln.  The final price will be determined by the Audit Firm so as to secure that the dealing is at arm’s length.  The valuation of assets of Cyprus Limni Resorts & Golfcourses Plc will be undertaken by a well-known audit firm.  The share price must be 10% lower than the price per share that third investors will buy at the Company’s listing in the CSE or earlier. 

Within the framework of the agreement, Woolworth will provide management and support services to Cyprus Limni Resorts & Golfcourses Plc, as well as technical services for the next five years against the sum of CYP 250,000. 

The investment is expected to give significant yields of more than 12% p.a in the next 5 – 8 years. The project is pioneer and will contribute to Woolworth’s know-how in order to develop in this sector in the future. 

The investment will add value in the portfolio of Woolworth.  It will also differentiate the portfolio, adding a project belonging to other property sector rather than the big commercial plots, which have limited potentials of further development.

The Board of Directors of Woolworth (Cyprus) Properties Public Ltd believes that the value of investment will be beneficial for the shareholders. 


Habitat UK sets up email for Cyprus customers December 21, 2006

Posted by grhomeboy in Business & Economy, Shopping.
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Stores to stay in Cyprus and Greece?

Habitat UK Ltd has set up a dedicated email for customers in Cyprus, following the closure of the Cyprus store early this week and three stores in Greece last week as the franchise-holder ran into financial difficulties.

In a Corporate Statement entitled “Habitat’s Franchise relationship in Greece with Franco Import”, issued by Habitat UK Ltd the company said:

“Habitat UK Limited confirms that recent financial difficulties affecting its Franchise Partner, Franco Import, have led to the closure of 4 Habitat stores: 3 in Athens and 1 in Cyprus.

“Habitat regrets that the relationship with Franco Import, its independent business partner operating Franchise stores in Greece and Cyprus can no longer continue but would like to confirm that the nature of the store closures is not caused by Habitat.”

However, in a hint that Habitat might not be leaving these shores forever, the statement continued:

“Habitat is currently evaluating opportunities to maintain its presence in Greece and although it is too early to comment, would like to reassure customers that all options are being investigated with the hope to have more concrete information in the New Year.

“Habitat UK is aware that customer orders have been placed with Franco Import and have set up a dedicated customer enquiries email to ensure it is able to maintain contact with its valued customers.

“Email enquiries can be sent to: customerenquiries_cyprus@habitat.co.uk

Habitat currently has 74 directly operated stores: 39 in the UK, 24 in France, 6 in Spain and 5 in Germany.

“In addition, the company operates stores in partnership with wholesale/franchise operations in Belgium, Eire, Iceland, Luxembourg, Northern Ireland, Portugal, Thailand, Scandinavia and New Zealand.”

Stolen ancient icons set for return December 21, 2006

Posted by grhomeboy in Cyprus Occupied, Religion & Faith.
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Six 13th century Byzantine icons stolen from a church in the occupied Morphou area after 1974 have been recovered in the US and will be returned to the island next month, Church lawyer Giorgios Hadjipieris said yesterday.

The six icons were located at the Sotheby’s auction house in New York last Autumn after Church investigators spotted them up for sale in a catalogue last year, Hedjipieris said.
Five of the six icons were from the church in occupied Assinou in the Morphou district and the sixth is from Kalopanayiotis in the free area. Among others they include depictions of the Virgin of Assinou, the Apostles Peter and Paul and Ayios (Saint) Andronikos.

All have been well-documented in the past in various publications and books, which made the Church’s case easier to prove, Hadjipieris said. He said the icons had been in the possession of the Pankow Foundation created by construction magnate Charles Pankow.

Pankow was well known as a connoisseur of the arts, having established a considerable collection of ancient Egyptian, Chinese and Russian artefacts. He amassed one of the largest private collections of Russian and Greek icons in the United States.

“After his death the administrators gathered a lot of his Byzantine pieces for auction and published a catalogue,” said Hadjipieris. He said the information reached the Cyprus Embassy in Washington and lawyers were appointed to secure the return of the icons to Cyprus.

The Church had to produce evidence that the icons were belong to Cyprus and a case was made. “We made a good case which was substantiated,” said Hadjipieris. He said an out-of-court settlement was reached with the administrators of the Foundation, although that did not mean that the Church bought back the icons.

“We didn’t buy them back. All we did was reimburse the foundation for expenses incurred,” he said. Hadjipieris said they had no idea how Charles Pankow had come into possession of the icons and this was not required to be disclosed in the settlement agreement.

“We don’t know where or who he got them from. If we had taken the issue to court they would have been forced to reveal it. However he said the cost of going to court would have been massive and since Cyprus and the US had signed an agreement since the Kanakaria case in the early 90s, such incidents could be reached through a private settlement. Hadjipieris said going to court was always a risky move in these kinds of cases. “It was entirely up to the parties to decide,” he said. “We approached the trustees on an ethical rather than legal basis.

Hadjipeiris said the icons would return to Cyprus likely by the middle of January and would be handed back to the Bishop of Morphou.

Low-cost airline flies in to Larnaca December 21, 2006

Posted by grhomeboy in News Flights.
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Award-winning budget airline Monarch is to launch scheduled flights from London Luton to Cyprus next year, as the airline expands its network to the Eastern Mediterranean, the first real low-cost carrier do to so.

Monarch’s new Larnaca service will start on March 26, 2007 with fares from £69.99 sterling one-way including taxes, and web booking discounts. Seats to Cyprus could be booked as of yesterday at the airline’s website.

The introduction of the service four times per week from London Luton to Larnaca will be the first low-cost scheduled flights to Cyprus from the UK, offering travellers the flexibility and low fares, not currently available.

Commenting on the introduction of services to Cyprus, managing director of Monarch’s scheduled services, Tim Jeans said, “We are delighted to be the first low-fare airline to launch scheduled services to the Eastern Mediterranean, a market that has historically been dominated by the flag carriers and charter services.

“Cyprus Airways and British Airways have operated a high fares cartel to Cyprus for decades which we’ll break with our widely available, flexible low fares. Our new service will be warmly welcomed not just by the growing holiday and overseas property markets in Cyprus, but the 150,000 strong Greek Cypriot community in London, who’ve been deprived of choice and low fares until now.”

Flights to Larnaca will operate on Monday, Wednesday and Saturday using Airbus A321 aircraft with 213 seats. Tuesdays will be added to the schedule as of July 2007.
Monarch was named as Leisure Airline of the Year in the recent Travel Industry Awards.

With a fleet of 28 aircraft, Monarch carries more than five million passengers a year, typically property owners, independent holidaymakers, expats visiting the UK, business travellers and people visiting friends and relatives.

The airline was founded in 1968 and began scheduled flights in 1986. It offers a unique system of one-way fares. Round-trip fares are calculated by adding together the cost of the outward bound and inbound journeys. The combined fares are often lower than round-trip fares on many other scheduled airlines, Monarch claims. They also give travellers more flexibility.

Monarch’s arrival will be good news for Cyprus-based passengers who have recently suffered lack of choice due to the withdrawal of Helios/ajet from the market. The airline was bringing in hundreds of thousands of people to Cyprus each year, and offering lower fares to travellers leaving the island.

The Cyprus Tourism Organisation said recently it had been negotiating with two low-cost carriers, one was easyJet, to bring more no-frills airline to Cyprus. These have always been difficult to attract due to the distance. Low-cost airlines usually operate within a three-hour time frame and Cyprus is some four and a half hours flying time from Britain.

Related Links > http://www.flymonarch.com