Investor Update
04 8월 2010 - 7:25PM
UK Regulatory
TIDMTBI
RNS Number : 5163Q
Trans Balkan Investments Ltd
04 August 2010
TRANS BALKAN INVESTMENTS LIMITED
("TBIL or the "Company")
Investor Update
TechnomarketDomo ("TMD")
The Board announced on 3 June 2010 that it was in discussion with the minority
shareholders of TMD concerning an unsolicited and indicative offer from them to
purchase TBIL's equity shareholding of 61.8 % in TMD. The Board has since
engaged Entrea Capital of Sofia, Bulgaria and Capital Partners of Bucharest,
Romania, acting jointly, to be its independent financial adviser to assist it in
respect to this offer as well as in reviewing other realistic options, including
the sale of TBIL's holding in TMD in whole or in part to a third party.
Furthermore, the Board can confirm that it has also appointed Ernst & Young to
prepare an independent fair valuation of TBIL's holding in TMD. This indicative
offer has just been followed by a further offer from one of these minority
shareholders acting alone. Discussions in respect to these offers are
continuing.
Property Companies
The Board reports that the sale of Iztok, one of the three former cinema sites
in Sofia, owned through Pelican and which was mentioned in an earlier
announcement of 3 June 2010, was completed on 30 July 2010 to Billa Nedvijimosti
EOOD. The net sale proceeds amounting to EUR 1,428,524 in cash have been
received and will be used to fund the Company's liabilities and continuing
operations. The investment in Iztok was valued by the professional valuer, CB
Richard Ellis, and subsequently approved by the Board, at a fair value of EUR
1,400,000 as at 31 December 2009.
Furthermore, a preliminary agreement for the sale of Evropa Palace, also one of
the former cinema sites, has been signed with the completion scheduled for mid
September 2010. Pelican, one of TBIL's wholly owned property subsidiaries,
remains in discussions with potential buyers for the sale of Urvich, the one
remaining former cinema site.
In respect to the Banya Hotel and Spa project, TBIL continues with its
discussions with DSK Bank and its parent bank OTP in Budapest concerning a
proposal for completing the project. No final resolution has yet been reached
in relation to the Sozopolis Resort project.
Report and Accounts
The Company reported on 30 June 2010 that the audit of the group's financial
statements for the year ended 31 December 2009 had been delayed due, in the
main, to issues relating to the high level of asset disposals during the year,
the considerable restructuring of the TBIL group within the same period as well
as to discussions concerning the future of TechnomarketDomo.
As a consequence, in accordance with AIM Rules, the trading of all the Ordinary
Shares of the Company was temporarily suspended. These issues are taking longer
than expected to resolve with Deloittes, the Company's auditors, and, with
considerable regret, the financial statements for the year ended 31 December
2009 are not now expected to be sent to Shareholders before the middle of
September 2010.
Enquiries:
+------------------------------------------+-------------------+-------------------+
| Trans Balkan Investments Limited | Ian Schmiegelow | Tel: + 44 20 7630 |
| | (Chairman) | 3350 |
| | Natalie Weedon | |
| | | |
+------------------------------------------+-------------------+-------------------+
| Financial Dynamics | Ed Gascoigne-Pees | Tel: + 44 20 7269 |
| | Nick Henderson | 7132 |
| | | |
+------------------------------------------+-------------------+-------------------+
| Collins Stewart Europe Limited | Stewart Wallace | Tel: +44 20 7523 |
| (Nomad) | | 8350 |
| | | |
+------------------------------------------+-------------------+-------------------+
| KBC Peel Hunt Limited | Capel Irwin | Tel: + 44 20 7418 |
| (Broker) | | 8900 |
| | | |
+------------------------------------------+-------------------+-------------------+
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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