Investor Update (9617C)
March 15 2011 - 6:19AM
UK Regulatory
TIDMTBI
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 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 LLP Capel Irwin Tel: + 44 20 7418
(Broker) 8900
-ENDS-
This information is provided by RNS
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