The management of BVIC S.A. would like to inform its investors' and the broader investment community that given the delay in the continuation of the development of the Votanikos project and therefore the delay in terms of the revenue from the project, we are proceeding with a restructuring of our capital structure in order to further improve the efficiency of the Group's cashflows until the final court decision is taken by the Plenary of the Council of State.
Within that context the Company is reducing its short-term bank debt of Eur 201 million, out of which Votanikos' debt accounts for Eur 125 million, as much as possible, by immediately proceeding with the sale of tourist properties, and by converting the remaining short-term bank debt into long-term bank debt.
More specifically, the sale of the tourist resort at Poros for which we are in advanced negotiations is expected to generate Eur 40 million, whereas the Sounio project, whose construction has not yet begun, is expected to contribute approximately Eur 15 million as a deposit for its sale.
As far as the remaining short-term bank debt is concerned the advanced negotiations with the lending banks will be completed shortly and are expected to successfully extend the maturity of the loans in to long-term debt.
The company's management has faith in the judgment of the judges of the Plenary of the Council of State, and believes that the Votanikos project will be completed. It should be noted, that the contribution from Votanikos to the Group's NAV per share, as has repeatedly been estimated, is in the area of Eur 6-8, and the Group's NAV per share before deferred tax on the 30/09/2008 was Eur 20.42. Therefore even if the project doesn't move forward, the Group's NAV per share is expected to range between Eur 12-14.