Investor update

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 (Chairman) Natalie Weedon	Tel: + 44 20 7630 3350
Financial Dynamics	Ed Gascoigne-Pees Nick Henderson	Tel: + 44 20 7269 7132
Collins Stewart Europe Limited (Nomad)	Stewart Wallace	Tel: [phone]
KBC Peel Hunt Limited (Broker)	Capel Irwin	Tel: + 44 20 7418 8900

-ENDS- 

 

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