30th Nov 2011 12:43
Engel East Europe N.V.
("Engel" or the "Company")
Trading Update
Engel, the AIM listed East European property developer (EEE:L), announces that the Group is currently in negotiations with the Municipality of Belgrade to restructure certain overdue lease payments due to the Municipality totalling EUR 1.8 million relating to the Marina Dorcol project in Belgrade, Serbia.
In addition, the Company has received a loan from GBES Limited for EUR 0.2 million. The loan was granted for a period of 6 months, carries a yearly interest rate of 6%, and is on similar terms to the funding provided to the Company by Engel Resources and Development Limited. The independent directors of Engel consider, having consulted with Libertas Capital Corporate Finance Limited, that the terms of the loan are fair and reasonable insofar as shareholders are concerned.
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 |
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