St Helena : St Helena: ExCo Tuesday, 17 July 2018
Submitted by Saint Helena Herald (Public Relations Information Office) 18.07.2018 (Article Archived on 15.09.2018)
We agreed a Fisheries Investment Prospectus which will now be launched and marketed to potential investors on and off island. St Helena fishery has such potential and it was great to hear that premium fish is being landed, processed, and exported.
St Helena: ExCo Tuesday, 17 July 2018
A Report by H E the Governor Mrs Lisa Honan
We agreed a Fisheries Investment Prospectus which will now be launched and marketed to potential investors on and off island. St Helena fishery has such potential and it was great to hear that premium fish is being landed, processed, and exported.
ExCo also considered options for the future of the Mantis St Helena Hotel whose operations were being adversely affected by the low visitor numbers to the Island. Four options were presented which included:
· Closing the Hotel
· Mothballing the Hotel during the current low season
· Approving additional finance with a corresponding share issue to compensate SHG
· Allowing Enterprise St Helena to take a further equity stake in St Helena Hotel Development (SHHD) Ltd
In relation to small and medium sized accommodation providers, we have just relaunched the ESH Business Support Initiative where a quarter of a million pounds will be made available to help those who have invested in the tourism sector.
In terms of the hotel, it was felt that closing or mothballing would incur additional expenditure in excess of the amount needed to keep the Hotel operational. The Mantis St Helena is pivotal to the Island’s tourism industry as a whole. As a SHG asset, Government would be protecting its investment in keeping it operational.
It was also noted that this was the first time that SHG has been asked to finance the company since its launch in 2016.
After much discussion, Members advised me, and I agreed, to issue a Special Warrant to authorise £350,000 for a further equity investment into SHHD Ltd using additional revenue received from the process of winding up St Helena Line Ltd to offset the expenditure. This would be subject to the following conditions:
· SHHD Ltd would accelerate work to bring to Executive Council before the end of this Financial Year a fully developed proposal regarding options for a public share offering by the company
· That the Hotel Management Agreement is evaluated and the findings shared with Executive Council before the end of this Financial Year
· That ESH Tourism is asked to bring a policy paper to Executive Council which sets out plans for increased marketing of the Island as a tourism destination, during 2018 and 2019, including the results of attendance at the recent tourism trade shows
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