Engel East Europe shares suspended on AIM

Does anyone know anything more about this rather cryptic headline on the Wall Street Journal? “Engel East Europe Nv Statement Re. Suspension”.

Last we heard, the developer was selling off its stake in the Gym project in Budapest for €750,000, for a book value loss of €1.4m. But we can’t find a trading prices for the stocks past last Friday morning and would welcome any explainer comments or emails, anonymous or otherwise.

Update: Rules are rules. No annual statement? No trading.

21 June 2010 – Engel East Europe N.V. (‘Engel’ or ‘the Company’), the AIM-listed Central and Eastern European property developer (EEE:L), today announces that, as a result of its continuing weak financial condition, the Company’s annual accounts for the year ended 31 December 2009 cannot yet be finalised and will therefore not be published on or before 30 June 2010. Accordingly, the Company confirms that it will not be able to comply with Rule 19 of the AIM Rules for Companies requiring an AIM company to send its annual accounts to shareholders not later than six months after the end of the financial year to which they relate and as a result its shares will be immediately suspended from trading on AIM.
The audited report and accounts will be published in due course at which point the Company will reapply for its shares to begin trading on AIM again.

21 June 2010 – Engel East Europe N.V. (‘Engel’ or ‘the Company’), the AIM-listed Central and Eastern European property developer (EEE:L), today announces that, as a result of its continuing weak financial condition, the Company’s annual accounts for the year ended 31 December 2009 cannot yet be finalised and will therefore not be published on or before 30 June 2010. Accordingly, the Company confirms that it will not be able to comply with Rule 19 of the AIM Rules for Companies requiring an AIM company to send its annual accounts to shareholders not later than six months after the end of the financial year to which they relate and as a result its shares will be immediately suspended from trading on AIM.
The audited report and accounts will be published in due course at which point the Company will reapply for its shares to begin trading on AIM again.

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