23rd Jul 2007 07:01
Engel East Europe N.V.23 July 2007 FOR IMMEDIATE RELEASE 23rd July 2007 Engel East Europe N.V. Appointment of CEO Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-quotedCentral and Eastern European ("CEE") residential property developer (EEE:LN), ispleased to announce the appointment of Eitan Padan as Chief Executive Officer("CEO") with effect from 1st October 2007. His appointment is subject toshareholder approval at the next EGM, to be held in Amsterdam on 15th August2007. Eitan Padan will join the Company from 1st August 2007 and will work alongsidethe current CEO, Clair Satchi. Ms. Satchi will step down from her full time roleon 1st October 2007 but will remain with the Company as a part time adviseruntil the end of the year. Eitan Padan, 44, has many years experience in the real estate industry. He iscurrently Chief Executive Officer of Halamish Ltd, an Israeli propertymanagement and brownfield property development company based in Tel Aviv that isjointly owned by the State of Israel and the Municipality of Tel Aviv. He waspreviously Chief Executive Officer of Israel Credit Insurance Company Ltd andChief Financial Officer of Nur Macroprinters Ltd. Jacob Engel, founder and Executive Chairman of the Company said: "Claire leavesEngel East Europe having, for so many years, been one of the driving forcesbehind the Company and contributed so much to it becoming a dominant position inthe Central and Eastern European Market. We wish her well in her futureendeavours. We are pleased to welcome Mr. Eitan Padan to the Board as CEO. MrPadan has impressive abilities and experience in the residential constructionindustry. I have no doubt that Eitan Padan will drive Engel forward in what isan exciting time for the Company and the CEE's property development market." Listed below are the names of the companies and partnerships (including limitedliability partnerships) of which Eitan Padan has been a director or partner atany time in the past five years. Eitan Padan Current Directorships Migdal Provident Funds (Platinum) Ltd The Yehoshua Rabinovitch Fund for Arts Former directorships (held within the last 5 years) Amidar National Housing Company LtdIsrael Foreign Trade Insurance Company Ltd There are no further details required to be disclosed pursuant to Rule 17 andSchedule 2, paragraph (g) of the AIM Rules. ENDS Enquiries: Engel East Europe N.V.Nir Netzer +972 (9) 970 7020 Dawnay, Day Corporate Finance Limited +44 (0) 20 7509 4570Sandy JamiesonAlex Stanbury Bankside Consultants Limited +44 (0) 20 7367 8870Simon BloomfieldAndy HarrisMarc Cohen Notes to editors Engel East Europe is an international residential property developerincorporated in The Netherlands. The Company operates in Central and EasternEurope (the "CEE Region") and has various developments in Hungary, the CzechRepublic, Poland, Bulgaria, Romania and Serbia as well as operations in Germanyand Canada. The Company is currently involved in the development of severalthousand residential units and is in negotiations to purchase land for thedevelopment of additional projects throughout the CEE Region. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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