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Trans Balkan Invest (TBI)

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Tuesday 15 March, 2011

Trans Balkan Invest

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: +44 20 7523 8350

KBC LLP
(Broker)

Capel Irwin

Tel: + 44 20 7418 8900 

 

-ENDS-

 

 


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