11th Apr 2008 07:00
Engel East Europe N.V.11 April 2008 FOR IMMEDIATE RELEASE 11 April 2008 Engel East Europe N.V. FURTHER RE: TRADING UPDATE On 25 January 2008, Engel East Europe NV ("Engel East" or "the Company")announced its intention to dis-continue and dispose of its non-core operationsin Canada and Germany. The Board of Engel East is keen to clarify that the assets in Canada arecurrently subject to litigation, which has been brought by a local real estatedevelopment and management company and one of its shareholders against certaincompanies connected to Engel East and Lehman Brothers Inc., its partner inCanada. The defendants do not include the Company. The Court adjudicating onthis matter has imposed certain safeguard orders against the Company's Canadianassets, as a consequence of which the Company is forbidden from disposing ofthese assets without the approval of the Court so to do. At this stage, theCompany is unable to comment on any of the likely outcome of the litigation orits duration, or the likelihood of obtaining Court approval to dispose of theassets. The audited carrying value of the Company's assets in Canada, as at 31 Decemberwas €2.2 million. It remains the Company's intention to dispose of theseassets, subject to the obtaining of the relevant Court approval. The auditedaggregate carrying value for the Company's investment property and inventory ofhousing units, as at 31 December 2007 of €102.8 million. ENDS Enquiries: Engel East Europe N.V.Eitan Padan Tel: +972 (9)970 7004Sam Salman Tel: +1 (646)214-2000 Dawnay, Day Corporate Finance Limited Tel: +44 (0) 207 509 4570Gerald RaingoldNick Lovering Bankside Consultants Tel: +44 (0) 207 367 8888Simon BloomfieldAndy Harris This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Kimberly Enterprises