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Kimberly Enterprises N.V.  -  KBE   

Change of Control and Senior Management Change

Released 11:27 22-Mar-2016

RNS Number : 9050S
Kimberly Enterprises N.V.
22 March 2016
 

 

 

Kimberly Enterprises N.V.

("Kimberly" or the "Company")

Change of Controlling Shareholder

Change of Senior Management

 

The Board of Kimberly, the AIM-quoted Eastern European residential property developer (KBE.L), has been notified that the transfer of control of 2,871,460 ordinary shares ("Shares") in Engel Resources and Development Limited ("ERD") held by advocates Yuri Nechushtan and Eyal Neiger as receivers to GBES Limited ("GBES") has been completed.

The ownership of the Shares will be split between GBES and the Gabay Group Limited, an Israeli real estate company, and its subsidiaries (the "Gabay Group").  

As a result of the splitting of the Shares, GBES will hold 1,738,088 ordinary shares in ERD (representing 32.1% of the voting right of ERD) and the Gabay Group will hold a total of 1,669,927 ordinary shares in ERD (representing 30.9% of the voting right of ERD), including 536,555 ordinary shares in ERD held by the Gabay Group prior to the splitting of the Shares.  The transfer of shares to GBES has now taken place, and the transfer of shares to the Gabay Group is due to be completed shortly.

ERD controls Engel General Developers Limited, which holds 68.35% of the issued share capital of Kimberly.

Accordingly, GBES will hold a 21.9% economic interest in Kimberly and the Gabay Group will hold a 21.1% economic interest in Kimberly.

In addition, Real Property Investment (Guernsey) Limited ("RPIGL") holds 6.44% of the voting rights and issued share capital of the Company. The shares of RPIGL and GBES are held by a discretionary settlement, of which certain members of the Morris family are potential beneficiaries, and which therefore has a combined economic interest in 28.34% of Kimberly.

The Board of Kimberly also announces that Mr. Liron Or, who acts as Chief Executive Officer of the Company, resigned from his position in the Company. In accordance with the terms of his agreement with the Company, Mr Or's role at the Company will cease on 31 March 2016.

 

For further information, please contact:

 

Kimberly Enterprises N.V.


Assaf Vardimon

+31 20 778 4141





Cairn Financial Advisers LLP (Nomad)


Sandy Jamieson, Avi Robinson

+44 207 148 7900



 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Change of Control and Senior Management Change - RNS