We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kdd Group | LSE:KDDG | London | Ordinary Share | NL0006146185 | ORD EUR0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKDDG
RNS Number : 5449A
KDD Group NV
02 April 2012
2 April 2012
KDD Group N.V.
("KDD Group" or the "Group")
Temporary suspension from trading of securities on AIM
KDD Group (AIM: KDDG) today announces that, as a result of the Ukrainian real estate sector remaining very depressed, the Group is experiencing significantly worsening working capital constraints. Whilst the Group is continuing to seek sources of new financing to support the Group's ongoing operations, as detailed below, there is no certainty that these initiatives will be successful.
The Group is in discussions with Cimbrorum Holdings LLC ("Cimbrorum") in relation to the potential disposal of KDD Group's 'Sky Towers' project (the "Sky Towers Sale"). In May 2011, KDD Group received a prepayment guarantee, effectively a deposit, refundable if the Sky Towers Sale does not complete, from Cimbrorum equal to US$1.5 million in relation to the proposed transaction. Whilst negotiations with Cimbrorum are progressing, and the board of KDD Group is confident a transaction will be agreed and placed before shareholders for approval during this quarter or the next quarter, it should be noted that there is no guarantee that these negotiations will be successfully concluded. Further announcements on this subject will be made as appropriate.
In anticipation of completion of this sale, the Group announces that its wholly owned subsidiary, Agency of Office Construction LLC ("AOC"), has entered into a loan facility agreement with Cimbrorum to provide AOC with up to US$20 million to support its ongoing operations (the "Facility Agreement"). Any funds drawn under the Facility Agreement, which will run until 31 December 2014, will accrue interest at a rate of 12-month LIBOR plus 5 per cent. per annum. To date, AOC has drawn down an aggregate of US$10.8 million under the terms of the Facility Agreement.
In addition, KDD Group and Cimbrorum have entered into an assignment agreement (the "Assignment Agreement") whereby Cimbrorum has assumed full responsibility for the repayment of outstanding intra-group loans due by AOC to KDD Group. Under the terms of the Assignment Agreement, Cimbrorum has to date repaid debts due to KDD Group totaling approximately US$1.5 million.
In addition, the Group announces that it is in advanced discussions with its 68.2 per cent. shareholder, Groumon Development ("Groumon"), for the provision of a further loan facility of up to US$10 million, which is currently anticipated to be in place during April 2012. As Groumon is a substantial shareholder in the Group, any facility provided by them would be classified as a related party transaction in accordance with the AIM Rules.
In light of the above, the Group has requested a temporary suspension of KDD Group's shares from trading on AIM, pending clarification of its financial position, which will take effect from 7.30 a.m. London time today. Further announcements will be made in due course.
Enquiries:
KDD Group N.V. Tel: +38 050 516 6091 Petro Radchuk Strand Hanson Limited Tel: +44 (0) 20 7409 3494 Stuart Faulkner / James Spinney / Liam Buswell
This information is provided by RNS
The company news service from the London Stock Exchange
END
SUSBKDDBKBKDOQK
1 Year Kdd Group Chart |
1 Month Kdd Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions