Grand Banks Yachts (G50) Investor presentation summary

Acquisition scope

• Spring Wharf comprises Casey’s Marina, a full-service marina with fuel dock, covered workshop, amenities and parking; 3,613 sqm (38,889 sqft), including land, riparian rights and building, for US$18.0 million.

• Waites Wharf comprises a two-storey mixed-use building with three ground-floor offices and a harbour-view apartment; 952 sqm (10,250 sqft) built-up area, including land and building, for US$3.0 million.

• Located in Newport, Rhode Island, the properties can accommodate superyachts up to 200 feet, berth up to 20 boats on water and store additional boats on land.

Strategic rationale

• Newport is an affluent, premier US boating destination with a rich maritime heritage; a physical presence is intended to strengthen US reach beyond Stuart, Florida, and support long-term sales.

• The properties are intended to showcase products and services, house stock and brokerage boats, and drive Northeastern US boat sales, the main market.

• Planned revenue streams include service fees, storage, berthing and brokerage commissions; the site may also help attract key personnel with local market credibility and insights.

Valuation and funding

• Independent valuation dated 17 February 2025: Spring Wharf US$14.95 million and Waites Wharf US$2.8 million; combined valuation US$17.75 million.

• US$1 million deposit and US$5 million completion payment are intended to be funded from internal cash resources; the balance purchase consideration and interest may use internal cash, external funding or a combination.

• US$400,000 initial deposit was paid on 1 February 2025; an additional US$600,000 was due within 48 hours after SPA execution.

• US$5.0 million is payable on approval; US$7.5 million in four annual payments of US$1.875 million plus interest, with the remaining US$7.5 million plus interest due in year five after completion.

• Interest is 1% above the applicable Federal Mid-Term Rate in effect on the SPA date, on each of the four anniversaries of completion.