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Kimberly Enterprises N.V.  -  KBE   

Update re Change of Control

Released 16:50 12-Apr-2016

RNS Number : 9849U
Kimberly Enterprises N.V.
12 April 2016
 

 

 

Kimberly Enterprises N.V.

("Kimberly" or the "Company")

Change of Controlling Shareholder

 

Further to the announcement made on 22 March 2016, the Board of Kimberly, the AIM-quoted Eastern European residential property developer (KBE.L), has been notified that the transfer of the ownership of 1,669,927 ordinary shares in Engel Resources and Development Limited ("ERD") to the Gabay Group Limited, an Israeli real estate company, and its subsidiaries (the "Gabay Group") has not yet taken place.  As a temporary measure, the district court has approved the transfer of these shares to GBES pending regulatory approval for the transfer to be made to the Gabay Group.

As a result, GBES currently holds 2,871,460 ordinary shares in ERD (representing 53.0% of the voting right of ERD) and the Gabay Group currently holds 536,555 ordinary shares in ERD (representing 9.9% of the voting right of ERD).  A further announcement will be made once the transfer of the 1,669,927 ordinary shares to the Gabay Group has taken place.

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

Accordingly, GBES currently holds a 36.2% economic interest in Kimberly and the Gabay Group currently holds a 6.8% economic interest in Kimberly.

In addition, Real Property Investment (Guernsey) Limited ("RPIGL") holds 6.4% 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 currently has a combined economic interest in 42.6% of Kimberly.

 

For further information, please contact:

 

Kimberly Enterprises N.V.

 

Assaf Vardimon

+31 20 778 4141

 

 

 

 

Cairn Financial Advisers LLP (Nomad)

 

Sandy Jamieson, Liam Murray

+44 207 148 7900

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Update re Change of Control - RNS