Kimberly Enterprises Regulatory News (KBE)

29 Oct 2007 07:01

Engel East Europe N.V.29 October 2007 29 October 2007 ENGEL EAST EUROPE N.V. Board changes & review of operations and assets Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-listedCentral and Eastern European ("CEE") residential property developer (EEE:LN),announces that Mr. Nir Netzer has been replaced as Chief Financial Officer. MrSamuel Hibel has been appointed as Chief Financial Officer with immediate effectand subject to shareholder approval at an Extraordinary General Meeting to beheld on 22 November 2007, as a Director of the company. Aged 41 years, Mr Hibel joins from Eurohouse Limited, a real estate companyfocused on residential and commercial in East Europe and Israel, where he wasFinancial Manager. He has a strong track record as a senior financial executiveacross a range of industries. Between 2000 and 2005, he was Chief FinancialOfficer of a group of technology companies controlled by Formula SystemsLimited, the company listed on NASDAQ and Tel Aviv Stock Exchange where he alsoacted as substitute for the CEO. Prior to that, from 1998 to 2000 he was ChiefFinancial Officer of ITP Group, a private company with communication andinternational trading interests in Eastern Europe. From 1996 to 1998, he was thehead of the Accounting and Controlling Department in Bezeq InternationalLimited, the Israeli international telecom carrier. He qualified as a CertifiedPublic Accountant with KPMG in 1996 having graduated from the Tel Aviv Collegeof management with a BA in Business Administration. The company confirms that no further disclosures are required, in accordancewith paragraphs (iii) to (viii) inclusive of paragraph (g) in Schedule 2 of theAIM Rules, in respect of Mr. Hibel. In line with the announcement of 20 August 2007, Clair Satchi has resigned as aDirector of the company with immediate effect. Terry Roydon and Marius van Eibergen Santhagens continue to serve asNon-Executive Directors. The appointment of Mr. Hibel completes a period of significant change in thesenior management of Engel East Europe, which has included the appointment ofSam Salman as Executive Chairman and Eitan Padan as Chief Executive Officer ofthe Company. As part of a corporate revitalisation programme already underway, the newexecutive team is conducting a review of all the Company's operations and assetsto ensure that the business is focused on those activities most likely togenerate significant shareholder value. END Enquiries Engel East Europe N.V. 00 972 (9) 970 7004Sam Salman / Eitan Padan Dawnay, Day Corporate Finance Limited - Nominated AdviserGerald Raingold/Nick Lovering 020 7509 4570 Bankside ConsultantsSimon Bloomfield / Andy Harris 020 7367 8888 This information is provided by RNS The company news service from the London Stock Exchange