(EEE) Engel East Europe NV
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| 23-01-12 | RNS |
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RNS Number : 0310W Engel East Europe N.V. 23 January 2012 Engel East Europe N.V.
("Engel" or the "Company")
Joint Venture Companies
Engel East Europe N.V. ("Engel" or the "Company"), the AIM listed East European property developer, has been notified that its controlling shareholder, GBES Limited, has reached agreement with funds managed by Heitman LLC ("Heitman") to acquire all of Heitman's interests in Arces International B.V. ("Arces") and Enman B.V. ("Enman"). Arces and Enman are both joint venture companies currently jointly owned by Heitman and Engel ("Joint Venture Companies").
The consideration for the two acquisitions will be paid in instalments and it will include the assignment of shareholder loans provided by Heitman to the joint venture companies.
Completion of both acquisitions is subject to a number of conditions precedent, and is due to take place on or before 30 June 2012. Some of the conditions precedent will require the consent of the Company.
A further announcement will be made in due course.
Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 30-11-11 | RNS |
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RNS Number : 0704T Engel East Europe N.V. 30 November 2011 Engel East Europe N.V.
("Engel" or the "Company")
Trading Update
Engel, the AIM listed East European property developer (EEE:L), announces that the Group is currently in negotiations with the Municipality of Belgrade to restructure certain overdue lease payments due to the Municipality totalling EUR 1.8 million relating to the Marina Dorcol project in Belgrade, Serbia. In addition, the Company has received a loan from GBES Limited for EUR 0.2 million. The loan was granted for a period of 6 months, carries a yearly interest rate of 6%, and is on similar terms to the funding provided to the Company by Engel Resources and Development Limited. The independent directors of Engel consider, having consulted with Libertas Capital Corporate Finance Limited, that the terms of the loan are fair and reasonable insofar as shareholders are concerned.
Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 10-11-11 | RNS |
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RNS Number : 9002R Engel East Europe N.V. 10 November 2011 Engel East Europe N.V.
("Engel" or the "Company")
Parent Company Update and Holding in Company
Engel Resources and Development Limited
Further to the announcement issued on 13 July 2011, Engel East Europe N.V. ("Engel" or "the Company"), the AIM listed East European property developer, is pleased to announce that the agreement made within the framework of a creditors settlement between GBES Limited (a company incorporated in Cyprus) ("GBES") and Engel Resources and Development Limited ("ERD"), the parent company of Engel General Developers Limited ("EGD"), and EGD, has now been completed.
GBES now holds 53% of the issued share capital of ERD. ERD owns 100% of the issued share capital of EGD, which in turn owns 68.4% of the issued share capital Engel. GBES therefore has an aggregate equitable interest of 36.3% of the issued share capital in Engel.
In addition to the loans granted in previous years, ERD has provided several additional bridge loans to Engel in 2011 amounting approximately €1.7 million in total for working capital purposes.
Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 18-08-11 | RNS |
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RNS Number : 6035M Engel East Europe N.V. 18 August 2011 Engel East Europe N.V.
Results for the six months period ended 30 June 2011
18 August 2011 - Engel East Europe N.V. ('Engel' or 'the Company') the AIM-listed Central and Eastern European property developer (EEE: L), announces results for the six months period ended 30 June 2011.
Financial Summary
(*) Restated implementation of new IFRS standard.
Although the markets remain tough, in certain jurisdictions the government's financial support and subsidies for the development and acquisition of small apartments. In general in the countries we operate in, we are noticing a modest but cautious and steady return of the banks in providing small to medium size mortgage funding to borrowers that can demonstrate a stable and ongoing income. Gad Raveh, CEO of Engel East Europe N.V.
Enquiries:
Management Statement There have been no material events or transactions by the Group during the reporting period impacting the Group's financial position which remains weak. The Company believes that following the acquisition of a controlling interest in Engel Recourses and Development Ltd. by GBES Ltd, the financial position of the Group will improve and the Company will be able to continue to develop its assets and to expand to new horizons.
Financial Position Given the current conditions in the real estate market in the countries where the Group operates, management has considered project by project whether the Group will be able to generate sufficient cash flow from sales of housing units and other assets, including investment properties, in order to repay its financial obligations as these fall due. In respect of project loans totaling EUR 12,247 thousands (which are in breach of repayment as of 30 June 2011 - see also note 9 in the condensed consolidated interim financial statements), management considers it is unlikely that the projects will generate sufficient cash inflows to repay all obligations which fall due within one year. The Group is discussing possible solutions with the financing banks, including extension of the loans, as well as potential sales of the projects. At 30 June 2011, the Group has current liabilities totaling EUR 49,746 thousands, which exceeds its current assets amounting to EUR 44,044 thousands. Whilst in the past financing banks have agreed to prolong existing loan facilities, there is no assurance that these banks will be prepared to extend existing loan facilities beyond currently committed maturity dates. In the event that a bank is not willing to extend a project loan, it has the option to call in its security. In most cases these loans are secured by the underlying project company's assets only. Loans granted by the financing banks to the projects are non-recourse loans, except for: · The bank loans which finance the project in Gyor Hungary (an Arces subsidiary, which is in liquidation) in the amount of EUR 12,648 thousands (the Company's share is EUR 6,324 thousands), are additionally guaranteed by Arces International B.V., a jointly controlled entity. The Company has disputed the validity of this guarantee with the bank. · ENMAN B.V, a jointly controlled entity, has provided guarantees for interest payments and costs overruns, to the bank which finances the "Ingatlan" project in Budapest, Hungary. In all other cases, the exposure is limited to the value of the specific securities pledged in each project. As of 30 June 2011, the Group is in breach of certain bank loan agreements totaling EUR 12,247 thousands. As of the date of the approval of the condensed consolidated interim financial statements, the financial condition of the Company remains weak and it is not able to meet its obligations to its employees and service providers as they fall due. Management believes that the above mentioned conditions indicate the existence of material uncertainties which cast significant doubt on the Company's ability to continue as a going concern. In order to manage its financial situation the Company has requested Engel Resources and Development Ltd., the parent company of the Company's immediate parent company, Engel General Developers Ltd., ("ERD") to provide additional financial assistance to fund the Company's immediate liabilities. During the reporting period ERD provided several bridge loans in the total amount of approximately EUR 0.9 million. After the reporting period the Company received additional loans from ERD in the total amount of EUR 0.55 million. The management is also examining other solutions to fund the Company's immediate liabilities and to resolve its financial situation.
Trading Performance During the period, the total number of units sold and handed over was 24 (6 months ended 30 June 2010: 122). The revenues decreased by 82 per cent to €1.9 million (6 months ended 30 June 2010: €10.2 million). Approximately 42 per cent of the loss before tax for the period is attributable to the financial costs of the Marina Dorcol project in Serbia.
Outlook Further to the announcement issued on 13 July 2011 regarding the approval of the district court in Israel of the purchase of Engel Recourses and Development Ltd. by GBES Ltd., the Company future plans are to continue to develop and improve the Company's current projects portfolio. The Company plans to continue to focus on investing in the stable markets of The Czech Republic and Poland.
This information is provided by RNS The company news service from the London Stock Exchange More |
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Engel East Europe N.V.
Joint Venture Companies RNS Number : 0310W 23 January 2012 ("Engel" or the "Company") http://bit.ly/weKDvt |
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| 16-12-11 | ||||
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DJ Eesti Energia AS EUR95m debt financing from EIB
TIDM57FE RNS Number : 1613U Eesti Energia AS 16 December 2011 Eesti Energia engaged EUR95m of new debt financing from EIB Eesti Energia has signed two loan agreements with European Investment Bank (EIB) in the total amount of 95 million euros. 50 million euros is earmarked to finance waste-to-energy block investment in Eesti Energia Iru Power Plant. Additional 45 million euros is used to finance two onshore wind parks in Narva (39 MW) and Paldiski (22 MW). Maximum term of the two debt facilities is ten years. Eesti Energia and European Investment Bank share a long history of co-operation and EIB remains a lender of strategic importance to Eesti Energia. In 2004 and 2009, Eesti Energia and EIB signed two loan agreements for the renovation and extension of electricity transmission and distribution network in the amount of 80 and 150 million euros, respectively. Veiko Raim Head of Investor Relations and Treasury Eesti Energia AS Tel: +372 715 2884 Mobile + 372 5668 1568 Veiko.raim@energia.ee This information is provided by RNS The company news service from the London Stock Exchange END MSCBXBDDUBBBGBL (END) Dow Jones Newswires 16-12-11 1322GMT |
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| 30-11-11 | ||||
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REG - Engel East Europe NV - Trading Update
* Reuters is not responsible for the content in this press release. http://www.reuters.com/article/2011/11/30/idUS129684+30-Nov-2011+RNS20111130 Wed Nov 30, 2011 7:43am EST RNS Number : 0704T Engel East Europe N.V. 30 November 2011  Engel East Europe N.V. ("Engel" or the "Company") Trading Update Engel, the AIM listed East European property developer (EEE:L), announces that the Group is currently in negotiations with the Municipality of Belgrade to restructure certain overdue lease payments due to the Municipality totalling EUR 1.8 million relating to the Marina Dorcol project in Belgrade, Serbia. In addition, the Company has received a loan from GBES Limited for EUR 0.2 million. The loan was granted for a period of 6 months, carries a yearly interest rate of 6%, and is on similar terms to the funding provided to the Company by Engel Resources and Development Limited. The independent directors of Engel consider, having consulted with Libertas Capital Corporate Finance Limited, that the terms of the loan are fair and reasonable insofar as shareholders are concerned. Enquiries: Engel East Europe N.V. Tel: +31 20 778 4141 Assaf Vardimon Libertas Capital Corporate Finance Limited Tel: +44 (0) 20 7569 9650 Sandy Jamieson This information is provided by RNS The company news service from the London Stock Exchange END |
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| 12-10-11 | ||||
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Strange movement all of a sudden and the board is quiet. Seen it all before I suppose. Just as likely to move back down again just as quickly. But there was a volume spike associated with the price spike.
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They have not been approved or issued by Interactive Investor Trading Limited.
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