Sponsor Optiva for Prudential RideLondon 100
Latest News

LGC notes significant updated by MEO on Cuban block

Leni Gas Cuba Limited (“LGC” or the “Company”) Positive trading performance and outlook for Cuban Travel Business Investment.

MEDIA RELEASE 

Leni Gas Cuba Limited (“LGC” or the “Company”) Positive trading performance and outlook for Cuban Travel Business Investment.

London, Havana, 23 February 2016; London Listed Leni Gas Cuba Limited (ISDX:CUBA) is pleased to announce a positive trading performance and outlook for the bespoke Cuban travel and concierge business, the inCloud9/Travelwelcome Group (“iC9”), in which the Company holds a 40% interest.

iC9 has posted a solid trading performance for the 4 months from 1 October 2015 to 31 January 2016 with unaudited consolidated revenues of US$260,000, based on management accounts for iC9’s international operating companies. iC9 already has firm bookings in excess of this amount confirmed for the months of February and March 2016 and expects revenues for iC9 to accelerate over the coming months, particularly with the increase in US tourism.

iC9 handled in excess of 250 bespoke itinerary visitors during this four month period, enjoying multiple Cuban destinations with specialist cigar tours, fly and deep sea fishing, scuba diving, sailing, horse riding, cycling and cultural tours. Many high net worth clients of inCloud9 are repeat business customers with some returning multiple times per year.

Strong Outlook:

iC9 is seeing a very strong bookings pipeline for the months ahead, managing major tourist groups into Cuba, including bookings for over 200 visitors for this year’s famous Havana Cigar Festival in March.

In addition to tourist groups, iC9 has a growing number of TV and film/documentary producers booking its services for 2016. iC9 has already taken firm bookings for three new TV/film groups over the next three months and expects to see significant growth in this market, with the recent positive changes in US government policy, specifically in respect to US artistic productions in Cuba.

iC9 (www.incloud9.com) operates bespoke travel and film, TV and music production services in Cuba. The iC9 Group of companies have a long established history in Cuba, having successfully operated in the country for in excess of ten years.

The tourism market in Cuba has grown significantly over recent years, reporting a record 3 million tourists last year and this number is expected to grow significantly, particularly with the recently announced Cuban and US Government’s initiative to dramatically increase the number of US planes flying to Cuba in the Spring.

LGC continues to support iC9 with strategy and the implementation of management systems to enable the growth of the business and increase its handling capacity.

David Lenigas, The Leni Gas Cuba’s Chairman, commented;

“Cuba is now rated as one of the top destinations in the world that people want to visit. We are seeing a massive increase in business activity at iC9 at the moment and would expect this trend to continue for some years. The easing of a number of travel restrictions by the USA in recent months has seen a significant increase in tourism activity in the Country. The Company sees a bright future for this investment in the Cuban travel industry and look forward to participating in iC9’s growth.”

The directors of Leni Gas Cuba Limited accept responsibility for this announcement.

 

For further information, please contact:

Leni Gas Cuba Limited

www.lenigascuba.com

David Lenigas, Executive Chairman

Anthony Samaha, Finance Director

Tel: +44 (0) 20 7440 0640

 

Beaumont Cornish Limited- ISDX Corporate Adviser

Roland Cornish

James Biddle

Tel: +44 (0) 20 7628 3396

 

Optiva Securities Limited- Broker

Christian Dennis

Jeremy King

Tel: +44 (0) 20 3137 1902

 

Square1 Consulting

David Bick

Brian Alexander

Tel: +44 (0) 207 929 5599