European Convergence Develop. CoPLC Disposal (9586R)
18 9월 2014 - 3:00PM
UK Regulatory
TIDMECDC
RNS Number : 9586R
European Convergence Develop. CoPLC
18 September 2014
18 September 2014
EUROPEAN CONVERGENCE DEVELOPMENT COMPANY PLC
("ECDC" OR "THE COMPANY")
Disposal of Asset
As per the Company's Annual Report and Accounts for the year
ended 31 December 2013, the Company has been considering all
options for the investment in Trade Centre Sliven EAD ("TCS"). The
Company is pleased to announce the sale of its entire holding in
TCS, representing 42.5% of TCS, for a cash consideration of
EUR1,699,298 to Property Capital Group AD. The consideration will
be held as cash, pending the Shareholder vote regarding the
proposed new investing policy on 2 October 2014. The carrying value
of the holding in TCS as set out in the Annual Report and Accounts
for year ended 31 December 2013 of the Company was EUR1,677,000.
The Company will record a profit on disposal of EUR22,298.
In addition, the loan to Property Capital Group AD of EUR91,426
was also repaid in full.
For further information please contact:
European Convergence Development +44 (0)1624
Company plc 640200
Anderson Whamond
+44 (0)207
Charlemagne Capital 518 2100
Varda Lotan
+44 (0)1624
Galileo Fund Services Limited 692600
Ian Dungate, Company Secretary
+44 (0)20
Panmure Gordon (UK) Limited 7886 2500
Hugh Morgan
+44 (0)20
Smithfield Consultants 7360 4900
Ged Brumby
Henry Wallers
Website: www.europeanconvergencedevelopment.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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