K.L.E. Group Limited (KLE) has advised as follows:
- Famous Nightclub operated from premises leased by KLE. The lease required KLE to give six (6) months’ notice to vacate the premises. The lease expired on January 30, 2016.
- $21 million worth of assets was sold as at December 31, 2015 and an additional $4.26 million sold as at March 31, 2016.
- The unsold assets are listed in the Audited Financials of December 30, 2015 and the Unaudited Financials of March 31, 2016 as “Non-current classified as Assets Held for Sale”. The balance as at March 31, 2016 is $30.786 million. KLE says they are in discussions with various parties, however nothing has been concluded.
T&R Restaurant Systems Ltd. (t/a Franjam)
- KLE advises that the deal confirming the sale of 51% of T&R Restaurant Systems Ltd. (trading as Franjam) for US$650,000 to Joseph Bogdanovich was concluded on March 28, 2016.