Sale of Apollo Heights land in Cyprus

The Directors of the Company are pleased to announce that terms have been agreed for the sale of the land owned by it at Apollo Heights in Paramali, Cyprus for an agreed price of €7.5 million versus a current Net Asset Value of €5.6 million. The Company has signed a non-binding Reservation Agreement giving the purchaser until 30 May to complete their due diligence and sign a binding Sale Agreement and has received a non-refundable deposit of €250,000. Once a Sale Agreement is signed a further 25% of the sale price is expected to be paid by the purchaser with the balance to be paid when the transaction completes, which is expected to take up to three months. The Company will announce updates to the receipt of potential payments in due course.