| Tue 15 May 2012, 16:17 | | NEP - New Europe Property Investments plc - Belrom Settlement |
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NEP
NEP
NEP - New Europe Property Investments plc - Belrom Settlement
New Europe Property Investments plc
(Incorporated and registered in the Isle of Man with registered number
001211V)
(Registered as an external company with limited liability under the laws of
South Africa, registration number 2009/000025/10)
AIM share code: NEPI
BVB share code: NEP
JSE share code: NEP
ISIN: IM00B23XCH02
("NEPI" or the "Company" or the "Group")
BELROM SETTLEMENT
Shareholders are advised that NEPI has, through two of its subsidiaries,
concluded a settlement agreement with the vendors (the "Vendors") of
Promenada Mall Braila, situated in Romania (the "BelRom Settlement"). Under
the terms of the BelRom Settlement, the Group will receive an early
settlement amount of EUR 11,478,874 (the "Settlement Amount"), payable in
cash, from the Vendors. The Settlement Amount represents amounts owed to the
Group by the Vendors in relation to the completion of the Cinema City
premises being delayed beyond the agreed timetable and exceeding the agreed
budget and amounts owed or expected to be owed to the Group by the Vendors as
a result of net operating income warranties, made by the Vendors, being
breached. The Settlement Amount will be recognised in the financial
statements of the Group for the six-month period ending 30 June 2012.
Shareholders are advised that Promenada Mall Braila is performing well and in
accordance with the Company`s expectations. The expansion referred to in
NEPI`s 2011 annual report was completed on 10 May 2012 with the opening of
H&M and C&A. The Company is considering a further expansion phase to
accommodate increasing demand for retail space from tenants.
The BelRom Settlement is not categorisable as a transaction in terms of the
Listings Requirements of the JSE Limited.
15 May 2012
For further information please contact:
New Europe Property Investments plc +40 74 432 8882
Martin Slabbert
Nominated Adviser and Broker +44 20 7131 4000
Smith & Williamson Corporate Finance Limited
Azhic Basirov/Siobhan Sergeant
JSE sponsor +27 11 283 0042
Java Capital
Romanian advisor +40 21 222 8731
SSIF Intercapital Invest SA
Razvan Pasol
Date: 15/05/2012 16:17:01 Produced by the JSE SENS Department.
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