K.L.E. Group Limited (KLE) – Disclosures for Famous Nightclub and T&R Restaurant Systems Limited

K.L.E. Group Limited (KLE) has advised as follows:

Famous Nightclub

  1. 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.
  2. $21 million worth of assets was sold as at December 31, 2015 and an additional $4.26 million sold as at March 31, 2016.
  3. 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)

  1. 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.