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NEP - New Europe Property Investments plc - Belrom Settlement

Release Date: 15/05/2012 16:17
Code(s): NEP
Wrap Text

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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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