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Kimberly Enterprises N.V.  -  KBE   

Update re Change of Controlling Shareholder

Released 12:02 15-Mar-2016

RNS Number : 1561S
Kimberly Enterprises N.V.
15 March 2016



Kimberly Enterprises N.V.

("Kimberly" or the "Company")

Update re Change of Controlling Shareholder


Further to the announcement made on 5 November 2015, the Board of Kimberly, the AIM-quoted Eastern European residential property developer (KBE.L), has been notified of a settlement agreement between the bondholders of Engel Resources and Development Limited ("ERD") and GBES Ltd.  According to such agreement, upon the satisfaction of certain condition precedent, the bondholders will withdraw their objection to the redemption of the lien over 2.87 million ordinary shares ("Shares") in ERD held by GBES Ltd. (representing 53% of the voting rights and issued share capital of ERD).  Upon such redemption, advocates Yuri Nechushtan and Eyal Neiger shall cease to act as receivers of the Shares, and control over the Shares will return to GBES Ltd.  ERD controls Engel General Developers Limited, which holds 68.35% of the issued share capital of Kimberly.


A further announcement will be made in due course.


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


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Update re Change of Controlling Shareholder - RNS