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Newsletter December 2013


York Capital Invests €100 Million in GEK TERNA GROUP

Greece’s GEK TERNA Group of Companies and York Capital Management have reached an agreement for York Capital to invest €100 million in GEK TERNA.

Greece’s GEK TERNA Group of Companies and York Capital Management, a leading global investment management firm, have reached an agreement for York Capital to invest €100 million in GEK TERNA. 

The investment will contribute to GEK TERNA’s efforts for ongoing growth and implementation of the group’s investment plan and reflects a vote of confidence for the recovery of the Greek economy.

Under the agreement, York Capital will fully subscribe to the issuance of a five-year bond loan mandatorily convertible, partly to new GEK TERNA shares and partly exchangeable with existing TERNA ENERGY shares owned by GEK TERNA. The subscription price for York Capital has been set at 2.50 Euro per GEK TERNA share.

In addition, York Capital will acquire 9.99% of GEK TERNA’s share capital through a share capital increase and 3% of TERNA ENERGY’s share capital currently held by GEK TERNA.

After the investment, York Capital will be represented by one member at each of the two companies’ Boards of Directors.

The agreement is subject to the fulfillment of conditions precedent.

November 4, 2013

Greece Tops Condé Nast Readers Choice Awards
Condé Nast Traveler readers have included Greek islands, hotels and luxury resorts in the latest Readers Choice Awards that were announced on October 15.

Top 10 Islands in Europe
Three Greek islands are included in Condé Nast Traveler’s list of the best islands in Europe, with Santorini in the first place. Crete and Mykonos tied in fourth place.

Santorini – Readers’ choice rating: 86.6 Condé Nast Traveler: “There is no place like Santorini, in the whole world” say our readers, who love the “whitewashed buildings, wonderful beaches and views to die for.” Their best memories are of the Caldera vistas, the black-sand beach and the “crystal clear water,” but they also cast their votes for the island’s great shopping” and “awesome food.” One reader said to “stroll the streets, walk the stairs down to the sea level and just revel in the beauty and friendliness of the people on this charming island.” Another added, “It’s also a great place for first-time divers due to the calm seas.

Crete – Readers’ choice rating: 82.8 Condé Nast Traveler: Crete impressed our readers with its “gorgeous, fascinating art and architecture” and “great archaeological sites that you need more than a day to visit.” The city of Heraklion stood out for its “stunning harbor, old Venetian walls, and impressive museum,” as well as for its cuisine: “the freshest food I have ever tasted.” Outside the city, the island offers diverse activities: beaches, hiking, climbing, and “a very up-and-coming wine region”.

Mykonos – Readers’ choice rating: 82.8 Condé Nast Traveler: “An all day party,” Mykonos is “very cool,” though it “can be a bit overrun with tourists.” Nevertheless the Greek isle is “always fun with spectacular beaches, wonderful taverns and friendly people.” “Mykonos continues to lure me back with its whitewashed buildings, fresh seafood, fabulous shopping and relaxed ambience.” The view from the harbor is the “one thing that never changes and something you never get tired of seeing.”

Top 10 Hotels in Greece and Turkey
Greece and Turkey earned their first Top 10 list of hotels this year and Condé Nast Traveler’s readers once again placed Santorini in the lead as they selected Perivolas Hotel as the best in Europe. The Hotel Grande Bretagne came in fifth place and Mystique Hotel ranked seventh.

Top 20 Resorts in Europe
The top resorts in Europe are found in Italy, Greece, Ireland, Switzerland, Scotland, and England, according to the readers of Condé Nast Traveler.  Regarding Greek hotels, the readers voted for Blue Palace Resort (3rd place – rating 96.4), Mykonos Grand Hotel & Resort (5th place – rating 94.1), Arion Resort, Astir Palace, Athens (16th place – rating: 83.8) and Westin Athens Astir Palace Beach Resort (20th place – rating: 80.0).

October 15, 2013