20 May 2015 14:43
Kimberly Enterprises N.V.
("Kimberly" or the "Company")
Potential Change of Controlling Shareholder
Further to the announcement made on 26 February 2014, the Board of Kimberly, the AIM-quoted Eastern European residential property developer (KBE.L), has been notified that attorneys Yuri Nechustan and Eyal Neiger, who were appointed as receivers to 2.87 million ordinary shares ("the shares") in Engel Resources and Development Limited ("ERD"), representing 53% of the voting rights and issued share capital of ERD, have reached a conditional agreement to sell the shares to Tazlina Global Ltd. and Gabay Group, planning and management of Real Estate Holdings Ltd.
The transaction is conditional on the fulfilment of the following conditions upon closing of the transaction:
1. Receiving the approval of the district court,
2. Receiving the approval of ERD's bondholders for change of control,
2. Receiving the approval of ERD's financing banks for change of control and financial criteria.
ERD controls Engel General Developers Limited, which holds 68.35% of the issued share capital of Kimberly.
A further announcement will be made in due course.
For further information, please contact:
Kimberly Enterprises N.V. | |
Assaf Vardimon | +31 20 778 4141 |
Cairn Financial Advisers LLP (Nomad) | |
Sandy Jamieson | +44 207 148 7900 |