The Group's management decided on the sale of the whole business activity in Turkey with the aim to, firstly, disengage from activities that are not in the strategic business plan and, secondly, to enhance liquidity.

Specifically, the management entered into an agreement for the sale of all shares of the Turkish companies ILKNAK and MIRAMAR held today. The buyer is a Turkish businessman, who is engaged in fish farming for several years.

The specific agreement provides for a total price € 4.150.000 payable in cash and is considered to be within reasonable price limits as obtained from the valuations conducted by SOL Advisory and KPMG.

The impact of the sale of Turkish subsidiaries ILKNAK and MIRAMAR on  the profit after taxes of the first 9 months of 2014 is estimated to be positive by approximately € 690 thousand, namely the results of the Group after minority interests of € (16.627) thousand would have reached € (15.937) thousand. The effect of the sale on the shareholder equity is estimated to be negative by € 6.7 million.

It is noted that the production of Turkey is less than 5% of the total Group production and will be counterbalanced by increasing the production capacity in our country.

Alongside with the process of reaching an agreement for the restructuring of the Group's lending, the Management implements a program to improve the results and profitability of the Group that already shows positive results.