RNS Number : 4532B
Engel East Europe N.V.
27 October 2009
Engel East Europe N.V.
Trading Update
Tuesday, 27 October 2009 - Since the announcement of interim results on 17 August 2009, Engel East Europe N.V. ('Engel' or 'the Company'), the AIM-listed Central and Eastern European property developer (EEE:L), has continued to focus on cost control and generating cash. However the Company has been unable to complete the disposal of the Panorama project and sales of residential units from its completed projects remain slow.
The Company is therefore in discussions with its parent company group to secure additional funding support to cover its short term working capital requirements. The Company estimates that it has an immediate capital need of approximately €400,000.
Further announcements will be made in due course.
Enquiries:
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Engel East Europe N.V.
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Samuel Hibel
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Tel: +972 (9) 970 7004
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Libertas Capital Corporate Finance Limited
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Tel: +44 (0) 20 7569 9650
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Sandy Jamieson
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Bankside Consultants
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Tel: +44 (0) 20 7367 8888
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Simon Bloomfield or Andy Harris
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This information is provided by RNS
The company news service from the London Stock Exchange
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