KDD Updates On Proposed Disposal Of Sky Towers To Cimbrorum - Quick Facts

7/4/2012 2:40 AM ET

KDD Group NV (KDDG.L) issued update on the proposed disposal detailed in the announcements dated May 16 and 23 of 2012 and circular posted to shareholders dated May 16, 2012, relating to the proposed disposal of Sky Towers to Cimbrorum.

The company stated that since May 23, 2012, it obtained two further amounts, totalling $0.9 million, under the Cimbrorum Assignment Agreement, bringing the aggregate funds received to date by the company to $4.1 million.

KDD expects to receive AMC Approval within by mid July 2012, following the filing of all necessary documents with the AMC on June 18, 2012.

The company further confirmed that discussions to agree the quantum and terms of the Groumon Working Capital Facility have been suspended pending completion, when the Board believes that the short and medium term working capital requirements of the KDD will be clearer, facilitating a more productive discussion with Groumon.

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by RTT Staff Writer

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