Investor update
November 02 2010 - 8:24AM
UK Regulatory
TIDMTBI
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 | 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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