KDD Group NV Valuation Report and Delisting Update (6943N)

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RNS Number : 6943N

KDD Group NV

02 October 2012

2 October 2012

KDD Group NV

("KDD Group" or the "Company")

Valuation Report and Delisting Update

KDD Group announces that the valuation report prepared by DTZ Kiev B.V. ("DTZ"), which reviewed the Company's property portfolio as at 30 June 2012, was approved by the Company's board of directors (the "Board") on 28 September 2012.

The equity value calculated for each portfolio project (with the exception of the Sky Towers and Zazymia projects, which are the subject of an ongoing sales process) has been prepared on two separate bases: on a going concern basis; and under forced sale conditions (implying a marketing period limited to a maximum of six months) and takes into account the liabilities of each of the projects. The valuation will serve as a basis for the Board to assess future offers, in the context of making disposals of any of the projects in the portfolio.

The following table summarises the valuation results:

 
    Project Name       Equity Value under forced sale   Net Going Concern Project Value 
                                 conditions*               (on Equity Value basis) ** 
 Lucky                           $ 847,000                        $1,105,000 
                      -------------------------------  -------------------------------- 
 Zhytomyr Highway               $ 5,319,000                       $6,860,000 
                      -------------------------------  -------------------------------- 
 PecherSky                       -$175,000                        $5,657,000 
                      -------------------------------  -------------------------------- 
 Kureni                         $ 1,418,000                       $1,890,000 
                      -------------------------------  -------------------------------- 
 World Trade Center             -$ 3,175,000                      $1,957,000 
                      -------------------------------  -------------------------------- 
 Diplomat Park                   $ 393,000                        $1,136,000 
                      -------------------------------  -------------------------------- 
 Metro                            $739,000                         $739,000 
                      -------------------------------  -------------------------------- 
 

* Implies a marketing period limited to a maximum of six months.

** Reflects the value of the real estate assets on an arm's length basis less development costs incurred to date and those forecast to complete each project.

The full and comprehensive valuation report prepared by DTZ is available in electronic form on the Company's website at www.kddgroup.com.ua.

In addition, further to the announcement of 9 August 2012, the Company expects that admission of its ordinary shares to trading on AIM will be cancelled with effect from 0700 tomorrow.

**ENDS**

Enquiries:

 
KDD Group N.V.                    Tel: [phone] 
 Petro Radchuk 
Strand Hanson Limited             Tel: [phone] 
 Stuart Faulkner / James Spinney 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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