10th Nov 2011 16:14
Engel East Europe N.V.
("Engel" or the "Company")
Parent Company Update and Holding in Company
Engel Resources and Development Limited
Further to the announcement issued on 13 July 2011, Engel East Europe N.V. ("Engel" or "the Company"), the AIM listed East European property developer, is pleased to announce that the agreement made within the framework of a creditors settlement between GBES Limited (a company incorporated in Cyprus) ("GBES") and Engel Resources and Development Limited ("ERD"), the parent company of Engel General Developers Limited ("EGD"), and EGD, has now been completed.
GBES now holds 53% of the issued share capital of ERD. ERD owns 100% of the issued share capital of EGD, which in turn owns 68.4% of the issued share capital Engel. GBES therefore has an aggregate equitable interest of 36.3% of the issued share capital in Engel.
In addition to the loans granted in previous years, ERD has provided several additional bridge loans to Engel in 2011 amounting approximately €1.7 million in total for working capital purposes.
Enquiries:
Engel East Europe N.V. | Tel: +31 20 778 4141 |
Assaf Vardimon
| |
Libertas Capital Corporate Finance Limited | Tel: +44 (0) 20 7569 9650 |
Sandy Jamieson |
Related Shares:
Kimberly Enterprises