RomReal's board approved the 2012 budget. The highlights from the liquidity budget are:
a) A 25% increase in Income from the re organization of Rental Income collection deriving from the land bank.
b) The administrative costs have been further lowered by another 10 to 20%, after a year on year cut of 13% in 2011. As of 1st January 2012, the Company's Board is to be reduced from 7 to 6 members and the Directors' fee is proposed to be reduced by another 20%. As a result of the Board reduction, Mr. Thor Bjordal will resign from the Board as of 1st January 2012.
For any enquires please contact:
Harris Palaondas
Investor Relations
Investors@romreal.com
+40731123037
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.