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30 Nov 2012 15:04
Kimberly Enterprises N.V.
('Kimberly' or 'the Company')
Trading Update
The Board of Kimberly, the AIM-quoted Eastern European residential property developer (KBE.L), announces that, following the breach of a requirement to repay a bank loan totaling €3,004,000 (the Company's share of which is €751,000) owed by the jointly controlled entity, Engel Crizantema s.r.l., which owns the Sisest project in Bucharest, the lending bank has started to enforce the security granted by the jointly controlled entity in order to take possession over the plot. The Company is in discussions with the bank regarding the outstanding loan and will update the market with any further developments.
The Siset project is a joint venture with Heitman LLC. The bank loan is non-recourse to the rest of the Group.
ENDS
Enquiries:
Kimberly Enterprises N.V. | Tel: +31 20 778 4141 |
Assaf Vardimon | |
Libertas Capital Corporate Finance Limited | Tel: +44 (0) 20 7569 9650 |
Sandy Jamieson |
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