RNS from 6th June20 Jun 2016 14:37
Why state they are thinking about legal proceedings?? at the foot of post
The Company is taking legal advice as to its options and a further announcement will be made in due course.
06/06/2016 12:11pm
UK Regulatory (RNS & others)
Kimberly Ent. (LSE:KBE)
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RNS Number : 3245A
Kimberly Enterprises N.V.
06 June 2016
Kimberly Enterprises N.V.
("Kimberly" or the "Company")
Update re Marina Dorcol
Kimberly Enterprises N.V., the AIM-listed Central and Eastern European property developer (KBE:L), announces that it has received a notice requesting the termination of the lease agreement the Company has in respect of the Marina Dorcol Project from the Mayor of Belgrade.
In the event of the termination, the final result would be the restitution of the amounts paid by the Company in respect of Marina Dorcol based on the agreements with the municipality, decreased by the amount of compensation to the municipality for usage of such land for the period of duration of the lease and for compensation for damages which have occurred, if any.
The Company estimates that it will have a positive net cash flow from the above restitution.
Based on the results of the first quarter of 2016, in the event of termination, the Company estimates that the effect on the financial statements of the Company would be as follows:
1. Decrease of the non-current assets by EUR25.6 million.
2. Decrease of the current liabilities by EUR36.2 million.
3. Decrease of the non-current liabilities by EUR7.8 million.
4. Increase of the Company's equity by EUR18.4 million.
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