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Trans Balkan Invest (TBI)

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Tuesday 02 November, 2010

Trans Balkan Invest

Investor update

RNS Number : 4677V
Trans Balkan Investments Ltd
02 November 2010
 



2nd November 2010

 

 

 

 

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

 

 

INVESTOR UPDATE

 

 

Report and Accounts

 

Further to the Company's announcement on 4 August 2010 concerning the temporary suspension of trading in the Company's ordinary shares, TBIL today announces with regret that the audit of the Company's consolidated financial statements is still incomplete and a few technical issues remain to be resolved with the Company's auditors, Deloitte.  It is anticipated that these matters will be satisfactorily concluded shortly and the audited financial statements will be sent to the Company's shareholders at that time.  It is expected that trading in the Company's shares will resume soon thereafter.

 

 

Property Assets

The Company reports that the sale of Evropa Palace, one of two remaining former cinema sites in Sofia, owned through its subsidiary, Pelican BVI, and which was mentioned in an earlier announcement on 4 August 2010, is expected to be finalised within the next few days, the gross proceeds amounting to EUR1.5 million.  Furthermore, a preliminary agreement for the sale of Urvich, the other remaining former cinema site, was signed on 6 October 2010, with a Bulgarian real estate development company.

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 an amended proposal for completing the project.  No final resolution has yet been reached in respect to the Sozopolis Resort project.

 

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: +44 20 7523 8350

 

KBC Peel Hunt Limited
(Broker)

 

Capel Irwin

 

Tel: + 44 20 7418 8900 

-ENDS- 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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