We are aware of the ruling of the Supreme Court in Spain regarding the case of Anfi Sales SL v Grimsbo. We have been in and continue to be in close touch with Anfi management and their legal advisers to ascertain the up to date position. We understand from intensive discussions with Anfi’s legal advisers, and concur with their conclusion, that there has been a misinterpretation of the law in Spain as it applies to timeshare schemes in existence before Spain implemented the provisions of the First Timeshare Directive in 1998. We therefore believe, as does Anfi, that this case has limited...
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