TIDMOCH

RNS Number : 9162M

Orchid Developments Group Ltd

24 September 2012

24 September 2012

Orchid Developments Group Ltd.

("Orchid" or the "Group")

Statement re: Suspension

Orchid (AIM: OCH), the Bulgarian focused property developer and investor, announces that the Group is currently at an advanced stage of negotiations regarding an equity fundraising and capitalisation of certain debts (together, the "Financing"). Under the AIM Rules, the Group is required to publish its half yearly report for the 6 month period ended 30 June 2012 ("Interim Accounts") by 30 September 2012.

The Directors consider that it is in the Group's best interests to complete the equity fundraising and debt capitalisation prior to signing its Interim Accounts, and as announced on 3 September, the Directors believe that the Group will not be able to continue to operate, taking into account its current cashflows, unless additional capital is raised. Accordingly, as the Group will be unable to publish its Interim Accounts in accordance with the AIM Rules, its ordinary shares be suspended from trading on AIM with immediate effect, pending the publication of the Interim Accounts and completion of the Financing.

Ends

 
 Contacts: 
 Orchid Developments            www.orchid-dev.com 
  Guy Meyohas                      +41 798 200 200 
 Shore Capital and Corporate 
  Limited 
  Bidhi Bhoma / Toby Gibbs        +44 20 7408 4090 
 MHP Communications 
  Reg Hoare / Vicky Watkins       +44 20 3128 8100

Notes to Editors:

Orchid Developments Group Ltd (OCH.L), which listed on the AIM market in June 2005, was established with the aim of generating value for shareholders by investing in real estate and leisure business opportunities initially in Bulgaria.

The company is active in all principal sub-sectors of the Bulgarian real estate and leisure markets and currently holds three residential and six commercial property developments in Sofia and Varna. Its principal investment is Grand Mall Varna, one of Bulgaria's leading shopping malls.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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