Camper & Nicholsons Marina Investments Limited (CNMI) is an unlisted closed -ended investment company registered and incorporated in Guernsey. It was previously listed on AIM from January 2007 – January 2018.
CNMI raised €50m for the acquisition, development, redevelopment and operation of an international portfolio of both new and existing marinas and related real estate in the Mediterranean, the Caribbean and the United States.
In December 2008, CNMI internalised its management through the acquisition of the Manager and Investment Adviser with the acquisition of the latter also adding a new revenue stream from the management of third party marinas and attendant consultancy work. At the same time CNMI acquired the rights in perpetuity to use the Camper & Nicholsons brand name in the marina sector.
In August 2011 CNMI raised an additional £4.2m in equity and welcomed First Eastern as both a 25% shareholder and 50% joint venture partner in Camper & Nicholsons First Eastern (CNFE), a business established to widen our bandwidth to encompass the growth markets in Asia.
CNMI raised additional equity funds of £4m in May 2013, designed to act as a catalyst to aggressively reposition the business, and a further £2.4m in June 2014, to enable the debt re-profiling of the bullet repayment of $7.5m, due in June 2015, into a loan repayable from 2016 to 2019 with a significant reduction in interest cost: both fully underwritten by First Eastern (who as a result increased their shareholding to 52%).
CNMI took the decision to delist from AIM effective as of 10 January 2018. As a result First Eastern increased its shareholding to 85.88%. Victor Chu, Director of CNMI and First Eastern (Holdings) Ltd commented that, “This is a positive step, which doesn’t directly impact our day to day business, but does allow the group to create a better investment platform for our marina network and to help develop the locations in which we operate around the world.” Subsequently First Eastern has increased shareholding to 99.40%.
Accordingly CNMI is now primed to take advantage of development opportunities as the world economy recovers from the lows of recent years.