Kimberly Enterprises N.V. Further update re Marina Dorcol (5068A)

TIDMKBE

RNS Number : 5068A

Kimberly Enterprises N.V.

28 December 2017

Kimberly Enterprises N.V.

("Kimberly" or the "Company")

Further update re Marina Dorcol

Further to the third quarter trading update announced on 29 November 2017, Kimberly Enterprises N.V., the AIM-listed Central and Eastern European property developer (KBE: L), is pleased to announce that, following the termination of the lease agreement between Marina Dorcol d.o.o ("MD") (a 95% owned subsidiary of the Company) with the Municipality of Belgrade (the "Municipality"), the Company has received EUR2.2 million in compensation from the Municipality in full and final settlement of the termination.

Notwithstanding the receipt of these funds, the Company's financial position remains weak. As at 30 September 2017, the Group had total liabilities amounting to EUR27.0m, which exceeded its total assets which amounted to EUR3.7m, and had negative equity of EUR23.3m.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

 
Kimberly Enterprises N.V. 
Sagee Kadosh                    [phone] 
 
 
Cairn Financial Advisers LLP 
 (Nomad) 
Sandy Jamieson, James Caithie   [phone] 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 28, 2017 11:35 ET (16:35 GMT)