Title: Kardan approaches debenture holders in relation to intended sale of Tahal
Date: 13/11/2017
KARDAN APPROACHES DEBENTURE HOLDERS IN RELATION TO INTENDED SALE OF TAHAL
Amsterdam, November 31, 2017 – Kardan N.V. (‘Kardan’ or ‘the Company’), active in Real Estate and Water Infrastructure in emerging markets announces that it has approached the trustees of debenture holders Series A and B (‘the Debenture Holders’) to enter into discussions with the Company with a view to reach certain agreements required for the terms of the intended sale of the Company's entire holdings in Tahal Group International B.V. (‘Tahal’) in relation to the timetable of such transaction, and the implications of the terms of the intended sale for the timing of the upcoming payment to the Debenture Holders, due in February 2018.
As has been reported earlier, the Company is conducting processes, directly or through its subsidiaries, to sell part of its assets in order to be able to complete February 2018 debenture repayment. It is noted, that an agreement for the sale of Tahal has not been signed yet and no date for signing such agreement has been set; therefore there is no certainty that such agreement will be signed or completed.
Kardan will publish its Q3-2017 results on 30 November 2017.