Investor Update

RNS Number : 9617C

Trans Balkan Investments Ltd

15 March 2011

 



15 March 2011

TRANS BALKAN INVESTMENTS LIMITED
("TBIL" or the "Company")

Investor Update

Amendment Agreement

The Board wishes to provide the following update to shareholders.  As announced on 22 October 2010, an Amendment Agreement to the Commercial Agreement (the "Amendment Agreement") was entered into whereby the right of the State General Reserve Fund of Oman ("SGRF"), subject to the satisfaction of certain conditions, to exchange any unpaid indebtedness or liability of TBIL to SGRF for TBIL's indirect interest in TMD, the value of 100% of TechnomarketDomo NV's ("TMD") shares being fixed for this purpose at EUR 20 million (the "TMD Right") be deferred for a period of 12 months from the date of the Amendment Agreement being  signed. 

The Company has received a letter from SGRF asserting that the non-payment of the monthly interest payable to SGRF under the terms of the Commercial Agreement (as amended) for the months of November 2010, December 2010 and January 2011 constitute separate Events of Default. 

SGRF has also asserted that, thereby, its exchange rights and rights under the SGRF Security have become exercisable and as such SGRF has reserved its position under the terms of the Amendment Agreement.  TBIL is in discussions with SGRF on the circumstances giving rise to this notification and is continuing to work with SGRF on a longer term resolution of these issues. 

Property Companies

The Board can also report that the sale of the last remaining former cinema, Urvich, owned through TBIL's subsidiary Pelican, is well advanced and the transaction is expected to close within the next few days.   

Appointments

It can also be reported that TBIL's major subsidiary, TechnomarketDomo, has recently appointed an experienced Internal Auditor, reporting directly to the Chairman and the Audit Committee, who has already started work on improving accounting and reporting procedures within the Group as well as its financial management and controls. 

Enquiries:

Trans Balkan Investments Limited	Ian Schmiegelow (Chairman) Natalie Weedon	Tel: + 44 20 7630 3350
Financial Dynamics	Ed Gascoigne-Pees Nick Henderson	Tel: + 44 20 7269 7132
Collins Stewart Europe Limited (Nomad)	Stewart Wallace	Tel: [phone]
KBC LLP (Broker)	Capel Irwin	Tel: + 44 20 7418 8900

-ENDS-

 

END

 

 

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