..complete a consolidated annual audit, expected by late September.....................September 2010????......2011????......2012???.....
FRANKFURT, GERMANY and LOS ANGELES, CA--(Marketwire - 08/05/10) - PHILand Ranch Ltd. (Frankfurt:1P8 - News) (XETRA:1P8 - News) (WKN A0RPEA), a company engaged in the development of master planned communities and other real estate developments in Vietnam and Southeast Asia, announced today that it has received a EUR 50 million subscription commitment from a $3.4 billion international fund. The company is in the process of completing the required documents in order to consummate the transaction.
Prior to the expiration of a previously announced funding commitment with EHMI Land Corp., the company had the opportunity to renew that agreement with certain revised conditions; however, PHILand Ranch chose not to further extend this financing arrangement.
The company is currently working with its auditors to complete a consolidated annual audit, expected by late September, to upgrade its listing to the entry level standard on the Frankfurt Stock Exchange. The company also is continuing with plans to list PHILand Ranch ADR's (American Depository Receipts) for trading in the U.S. capital markets.
Discussions are underway with several institutions to coordinate an ADR listing. Once the ADR trading becomes effective, the company will announce the payment date for the previously announced dividend distribution of PHILand Ranch's ADR's to PHIGroup, Inc.'s (OTC.BB:PHIE - News) shareholders of record as of December 31, 2009.
