ABL Ablon

 
TIDMABL 
 
 

  Ablon Group Limited ("Ablon" or "the Company"), a leading real estate owner and developer in Central and Eastern Europe, is pleased to announce that its wholly owned subsidiary, Global Center LLC, has been informed by its lawyer, Dr. Peter Czugler that a verdict issued by the Arbitration Court Attached to the Hungarian Chamber Of Commerce And Industry on 27 November 2009 under case number VB/07181 obliges the Defendant, BVM Épelem Eloregyártó és Szolgáltató Kft to reimburse in 30 days HUF 4,988,000,000 as principal, plus due interest of approximately HUF 3,000,000,000 (approximately 29 million euro in aggregate). Global Center LLC will pay approximately 30% of amounts received pursuant to this verdict in related costs. 

  Global Center LLC was established to execute the "High Tech Park" development project in the 11th district of Budapest. 

  As it can be read from the verdict, the Plaintiff, Global Center LLC, purchased in the form of co-ownership, more than 80,000 m2 from the Defendant, to realise these development plans, well-known by the Defendant. According to the construction regulations in force the division in kind of the plot - out of more than 170,000 m2 - was the precondition of acquiring any construction permit. 

  As the verdict says - although the defendant was legally obliged to refrain from any action which might result in the delay of construction - the Defendant illegally delayed the division of the plots for several years. 

  Although the Plaintiff did all the legal actions to mitigate damages, the execution of the division was only ordered by the Supreme Court in late November 2006, and the first construction permit was issued in late December 2006. 

  The sum to be reimbursed by the Defendant on the verdict was verified by an expert opinion, prepared by a member of the Hungarian State Expert Chamber introduced by the Court. 

  The Defendant is one of the largest concrete profile manufacturing Companies in Hungary, specialised on significant infrastructure projects (e.g. underground and highway construction). 

  The company will announce any further developments in due course. 

  For further information, please contact: 

 
Ablon Group Limited            KBC Peel Hunt Ltd 
Daniel Avidan, CFO             (Nominated Adviser and Broker) 
Tel. +36 1 225 6600            Capel Irwin / Alex Vaughan / Daniel Harris 
                               Tel. +44 (0)20 7418 8900 
ING Wholesale Banking          Shared Value Limited 
(Joint Corporate Broker)       Nicolas Duperrier / Mark Walter 
Nathalie Bachich de Recina /   Tel. +44 (0)20 7321 5010 
Julie Wakkie 
Tel. +44 (0)20 7767 8362       ablon@sharedvalue.net 
 
 

  NOTES TO EDITORS 

  About Ablon Group 

  Founded in 1993 in Budapest (Hungary), Ablon Group has properties at 33 locations, of which there are 14 completed projects and 19 development projects in Budapest, Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a diversified mix of office, residential, retail, logistics and hotel developments valued at EUR594 million by King Sturge, an independent valuation firm, as at 31 December 2008. Ablon has, to date, approximately 166,290 square metres of existing and income generating office and retail assets (at 13 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,296,450 square metres (at 25 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk. Ablon's shares are traded on the AIM market of the London Stock Exchange under the ticker 'ABL'. 

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