commiss decis decemb invest shetland leas properti develop shetland island unit kingdom notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun paragraph articl thereof regard council regul ec march lai detail rule applic articl ec treati articl thereof invit interest parti present observ accord subparagraph articl procedur januari commiss inform citizen unit kingdom invest made involv author shetland island unit kingdom possibl constitut state aid letter februari septemb commiss request unit kingdom provid inform invest unit kingdom repli letter april decemb commiss inform unit kingdom letter april decis initi formal investig procedur articl ec treati unit kingdom gave comment case letter commiss decis initi formal investig procedur publish offici journal european union june commiss invit interest parti submit observ case comment receiv ii descript shetland island council sic public author shetland set trust shetland develop trust develop trust shetland island council charit trust charit trust develop trust establish serv main mean financ econom develop project shetland make fund loan truste councillor sic independ truste charit trust trust fund sic grant loan charit purpos truste charit trust councillor sic independ truste fund charit trust develop trust deriv reserv fund set sic reserv fund fund agreement conclud juli sic oil compani harbour facil sullum voe agreement state fee paid compani quot respect import crude oil compens disturb caus quot commerci develop activ sic set shetland leas properti slap trade compani limit liabil oper profit wholli own charit trust task slap equiti hold local busi make loan local industri commerci rate construct industri build leas commerci rent commerci limit compani wholli own charit trust slap obtain fund activ charit trust profit specif project fund provid develop trust board slap decid invest compani name shetland seafish compani establish octob result financi merger williamson rona compani loss make time consid insolv set shetland seafish merg loss make compani expect profit grow compani profit make short time project end shetland seafish gener profit excess gbp slap invest shetland seafish acquir share ordinari share gbp prefer share gbp sharehold ordinari share shetland seafish produc organis share mr williamson share mr carter share shetland fisheri centr share june board slap decid invest shetland seafish compani decid activ whalsai loss make fish process compani base shetland fund takeov slap consist slap acquir addit prefer share shetland seafish subscrib slap tranch novemb slap acquir prefer share februari prefer share februari issu share capit shetland seafish compris ordinari share prefer share held proport sharehold initi issu share special resolut adopt decemb board shetland seafish prefer share shetland seafish quot fix cumul preferenti dividend rate net tax credit annum capit time paid credit paid thereon accru date subscript paid extent profit distribut annual januari year respect month end date redeem par prefer share unpaid preferenti dividend option compani time anniversari date allot prefer share quot data provid clear shetland seafish loss make letter april decemb unit kingdom state invest consid privat invest slap privat bodi time invest sic slap legitim expect moni involv consid privat fund unit kingdom state moni involv consid public fund invest made slap invest decid normal privat oper support statement unit kingdom provid report issu regard invest question shetland seafish merger report whalsai report shetland seafish merger report seafish merger report septemb report mr goodlad mr gillani director slap quot propos restructur merger williamson amp son shetland limit amp rona fisheri limit quot figur prognos report merger williamson amp son shetland limit amp rona fisheri limit establish shetland seafish begin yield profit year whalsai report whalsai report report mr john inkster time held posit manag director whalsai fish processor issu june report analysi situat compani involv develop market advantag shetland seafish acquir whalsai ground formal investig procedur commiss consid establish figur data contain report submit author unit kingdom invest consid profit invest slap act normal privat investor invest benefit compani involv compani direct competit fish process compani unit kingdom member state commiss consid invest appear state aid mean articl ec treati invest made assess light guidelin examin state aid fisheri aquacultur point guidelin aid fulfil condit laid assess case case basi point state aid grant impos oblig part recipi intend improv situat undertak increas busi liquid effect improv recipi incom oper aid incompat common market guidelin oper aid declar compat common market aid link restructur plan compat common market restructur plan submit commiss consid invest incompat common market iii comment unit kingdom repli unit kingdom contend slap consid privat bodi state evid case forward commiss inform contain seafish merger report consid suffici basi assumpt made assumpt made report consid conserv prudent origin busi case merger set report justifi context slap capac privat investor unit kingdom maintain commiss adopt neg decis recoveri aid requir contrari principl protect legitim expect refer commiss decis ec june loan purchas fish quota shetland island unit kingdom unit kingdom close uk author consist act conclud fund privat fund rule govern commun structur fund iv assess determin measur regard state aid case aid compat common market exist state aid articl ec treati quot save provid treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market quot condit requir classifi measur state aid measur provid advantag undertak benefit aid grant state state resourc distort threaten distort competit favour undertak final affect trade member state state resourc fund slap invest deriv fund charit trust charit trust creat sic receiv hold behalf shetland commun disturb receipt oil industri agre pai point commiss decis june loan purchas fish quota shetland island moni directli relat disturb caus shetland island popul actual provis harbour facil regard privat fund regard quot state resourc quot purpos articl ec treati invest slap investig fund type fund regard conclus commiss decis mention paragraph fact unit kingdom provid addit evid fund privat fund commiss consid invest regard fund state resourc imput decis mention commiss point truste charit trust councillor sic councillor act truste officio fact nomin sic mean exercis domin influenc trust slap fund dispos set indic show decis regard requir public author light stardust case fact fund slap deriv public fund public author directli indirectli exercis domin influenc charit trust fund decis fund regard decis imput public author grant state resourc advantag beneficiari market economi investor principl public invest regard state aid invest decid circumst accept privat investor act normal market economi principl unit kingdom slap act normal market economi investor invest shetland seafish takeov whalsai shetland seafish allegedli report submit board time invest shetland seafish merger report whalsai report invest consid line market economi investor principl invest made circumst accept privat investor oper normal market economi condit invest consid line principl financi posit compani structur volum debt normal return expect reason time invest shetland seafish merger report prognos profit contain seafish merger report septemb base number assumpt insuffici argument provid report project profit loss account project balanc sheet project cash flow statement data sheet show shetland seafish profit turnov expect increas rel report suffici figur argument demonstr reliabl project requisit figur suppli price product need support expect contain report fact commiss establish credibl project assumpt consid accur reliabl figur suppli price product insuffici normal privat investor wish invest oper mention report quot manag organis product strategi carefulli devis address previou shortfal compani concern core philosophi recognit market led approach ensur success continu whitefish process shetland quot unit kingdom demonstr intent time invest made ensur compani oper manner consist market order ensur long term viabil compani figur data contain report commiss observ uk argument appli correctli absenc comprehens data point decis invest commiss consid invest consid profit invest slap act normal privat investor whalsai report whalsai report issu manag director whalsai consid independ report whalsai acquisit compani shetland seafish report state compani suffer restrict suppli salmon market merger compani quot offer chanc secur continu sustain employ industri quot report conclud quot decis board slap approv propos invest merger seafish whalsai background ensur salmon suppli secur endur basi risk achiev make approv merger highli riski decis leav slap seafish vulner quot report express doubt profit merger compani refer secur employ industri report suffici data show profit invest question show addit inform decid invest unit kingdom explicitli confirm decis invest sole basi report regard doubt express report lack addit data prove commiss conclud invest likewis decid normal privat investor regard forego commiss consid invest shetland seafish made slap normal commerci invest decid normal privat investor inform commiss conclud compani involv williamson rona merg shetland seafish whalsai continu oper invest concern case invest strengthen posit market occur select distort competit invest benefit compani involv compani direct competit fish process compani unit kingdom member state distort threaten distort competit conclus light forego invest slap shetland seafish regard state aid mean articl ec treati compat common market state aid declar compat common market compli except set ec treati state aid fisheri sector state aid measur deem compat common market compli condit guidelin examin state aid fisheri aquacultur point guidelin quot unlaw aid quot mean articl regul ec apprais accord guidelin applic time administr act set aid enter forc invest made slap place compat aid assess guidelin examin state aid fisheri aquacultur hereinaft refer quot guidelin quot point forc time point guidelin aid invest process market fisheri product deem compat common market provid condit grant compar laid regul ec stringent provid level aid exce subsidi equival level nation commun subsidi permit rule addit aid concern invest regul ec elig commun assist commiss assess compat object common fisheri polici case case basi articl regul ec replac regul ec novemb member state condit annex ii regul measur encourag capit invest field process market fisheri aquacultur product point annex ii state elig invest process market relat construct acquisit build instal acquisit equip instal need process market fisheri aquacultur product time land end product stage applic technolog intend improv competit add invest slap consid invest relat issu accord point guidelin assess case case basi invest effect improv gener financi situat shetland seafish aid view oper aid gener principl laid point guidelin aid grant impos oblig part recipi intend improv situat undertak increas busi liquid calcul quantiti produc market product price unit produc mean product effect reduc recipi product cost improv recipi incom oper aid incompat common market regard oper aid point point guidelin commiss requir assess case case basi link restructur plan consid compat common market unit kingdom provid restructur plan commiss assess guidelin oper aid declar compat common market aid link restructur plan compat common market invest compli guidelin recoveri aid articl regul ec neg decis case unlaw aid commiss decid member state concern measur recov aid beneficiari commiss requir recoveri aid contrari gener principl commun law principl protect legitim expect gener principl commun law commiss consid present case principl preclud recoveri reason june commiss decis ec neg decis loan grant purchas fish quota shetland island decis commiss state whilst link action decis commiss relat commun structur fund context council regul ec commiss decis state aid specif circumst case question legitim expect privat natur fund question creat combin number event commiss found unit kingdom govern consist act suggest fund privat fund purpos rule govern commun structur fund legal speak automat link issu led reason assumpt part nation author fishermen grant fund fall rule state aid creat legitim expect respect addit consid decis european region develop fund erdf highland island object programm fund slap regard privat contribut close link orknei shetland shetland island author awar fact parallel orknei reserv fund case consid practic unit kingdom author commiss privat natur make permiss provid privat financ contribut context financ european agricultur guidanc guarante fund eaggf commiss view element creat legitim expect shetland author bodi involv fishermen commiss conclud view wrongli assum state aid rule treati appli legal speak automat link issu invest slap investig fund type fund timefram case action slap consid action privat compani privat fund shetland island charit trust addit circumst specif featur shetland commun shetland seafish awar loan scheme purchas fish quota explanatori leaflet refer paragraph decis ec state grant loan charit trust regard privat contribut establish case law legitim expect favour beneficiari aid deriv behaviour nation author procedur laid articl treati judgment court alcan deutschland commiss consist act suggest fund privat fund commiss consid circumst case decis commiss refer slap shetland seafish beneficiari aid assum privat fund involv state aid rule treati appli ground basi articl regul ec principl protect legitim expect quot gener principl commun law quot recoveri aid shetland seafish benefit requir conclus light assess made section iv commiss find unit kingdom breach articl ec treati unlawfulli grant aid shetland seafish acquir share compani circumst condit accept normal privat market economi investor commiss consid invest compat common market consid normal commerci invest decid normal privat investor adopt decis articl aid grant invest made shetland leas properti shetland seafish compat common market articl aid mention articl recov articl decis address unit kingdom great britain northern ireland brussel decemb commiss mariann fischer boel member commiss oj regul amend act access oj oj oj case franc commiss ecr oj council regul ec novemb lai criteria arrang commun structur assist fisheri aquacultur sector process market product oj oj oj oj case land rheinland pfalz alcan deutschland ecr