ABL Ablon

 
TIDMABL 
 
 

  FOR IMMEDIATE RELEASE 27 August 2010 

  ABLON GROUP ANNOUNCES THE APPOINTMENT OF MORDECHAI BIGNITZ AS A NON-EXECUTIVE DIRECTOR 

  Ablon Group Limited ("Ablon" or "the Company"), a leading real estate owner and developer in Central and Eastern Europe, announces that Mr. Mordechai Bignitz has been appointed as a Non-Executive Director of the Company with immediate effect. 

  Mr. Bignitz (aged 59) is Head of Investment Banking at Shrem Fudim Group Ltd. ("SFG"), an Israeli private banking house traded on the Tel-Aviv Stock Exchange. Mr. Bignitz has over 20 years' experience in investment management, specialising in all aspects of the planning and execution of deals at every level, in negotiations with international firms, in the management of investments and financial systems, in accounting and in taxation. Prior to joining SFG, Mr. Bignitz served as Managing Director of Dovrat, Shrem & Co. Trading Ltd., Vice President of Clal Retail Chains (a subsidiary of the Clal Group), and Vice President & C.F.O of Clal Real Estate Ltd.. 

  Mr. Bignitz is a CPA, holds a B.A. in Accounting and Economics from Tel-Aviv University and completed the Executive Program in Management and Strategy in Retail at Babson College, in Boston. 

  Commenting on the announcement, Alex Borrelli, Chairman said: "I am pleased to welcome Mordechai Bignitz as a Non-Executive Director to the Board. Mordechai has a wealth of experience and I believe he will be a very valuable member of the Board and I look forward to working with him." 

  Mr. Mordechai Bignitz is, or has been during the last five years, director or partner of the following companies or partnerships: 

 
Past Directorships                    Present Directorships 
=---------------------------------------------------------------------- 
Advanced Paradigm Technology Kft.     Midgal Capital Market 
                                      Fund Management Ltd. 
=---------------------------------------------------------------------- 
                                      Leader Capital Markets Ltd. 
=---------------------------------------------------------------------- 
                                      Leader Holdings & Investment Ltd. 
=---------------------------------------------------------------------- 
                                      Israel Financial Levers Ltd. 
=---------------------------------------------------------------------- 
 
 

  In accordance with Schedule 2 (g) (v) of the Aim Rules, the Company also notes that Leader Holdings & Investments Ltd, of which Mr. Bignitz has been a director since September 2007, defaulted on bond payments in relation to series D bonds with a value of NIS 60 million (approximately $14.58m) which were due for repayment on 31 May 2009. Leader Holdings & Investments Ltd, which continues to be quoted on the Tel-Aviv Stock Exchange, has recently secured an agreement with bond holders and its bankers which is expected to be finalised in court shortly. 

  Save as set out in this Announcement, there are no further disclosures to be made in accordance with paragraph (g) of Schedule Two to the AIM Rules. 

  _________________________ 

  For further information, please contact: 

  Ablon Group LimitedUri Heller / Adrienn LovroTel. +36 1 225 6600 

  Religare Capital MarketsJames Pinner / Derek Crowhurst (Nominated Adviser)Daniel Briggs (Joint Corporate Broker)Tel. +44 (0)20 7444 0500 

  ING Wholesale Banking(Joint Corporate Broker)Nathalie Bachich de Recina / Julie WakkieTel. +44 (0)20 7767 8362 

  Shared Value LimitedNicolas Duperrier / Mark WalterTel. +44 (0)20 7321 5010ablon@sharedvalue.net 

  NOTES TO EDITORS 

  About Ablon Group Limited 

  Founded in 1993 in Budapest (Hungary), Ablon and its subsidiaries (together the "Ablon Group" or the "Group") has properties at 34 locations, of which there are 16 completed projects and 24 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 EUR527 million by external independent appraisers (GVA and King Sturge), as at 30 June 2010. Ablon has, as at 30 June 2010, 195,790 square metres of existing and income generating office, hotel and retail assets (at 13 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,273,230 square metres (at 24 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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