Further Investment in Cascade Park Plaza Sri
June 30 2009 - 2:00AM
UK Regulatory
TIDMECDC
RNS Number : 6995U
European Convergence Develop. CoPLC
30 June 2009
30 June 2009
EUROPEAN CONVERGENCE DEVELOPMENT COMPANY PLC
("ECDC" OR "THE COMPANY")
Further Investment in Cascade Park Plaza Srl
European Convergence Development Company PLC ("ECDC" or the "Company") announces
that it has made a further investment of EUR1.4m in its Romanian joint venture
associate company, Cascade Park Plaza Srl, with a commitment to invest a further
EUR2.6m. The Company's joint venture partner has also made an additional
contribution. These capital injections secure the joint venture company's access
to the final tranche of the loan financing provided by the project's banks, and
are expected to see the project to completion. There are no changes in the
shareholding of the joint venture as a result of the injections.
The Company had previously indicated in February 2009 that a further capital
contribution was likely to be required. The building is currently approximately
75% leased by area and the Company expects tenants to begin to take occupancy
from October 2009.
Enquiries:
+----------------------------------------------------+------------------+
| European Convergence Development Company plc | +44 (0)1624 |
| | 640200 |
+----------------------------------------------------+------------------+
| Anderson Whamond | |
+----------------------------------------------------+------------------+
| | |
+----------------------------------------------------+------------------+
| Charlemagne Capital | +44 (0)207 518 |
| | 2100 |
+----------------------------------------------------+------------------+
| Varda Lotan / Christopher Fitzwilliam Lay | |
+----------------------------------------------------+------------------+
| | |
+----------------------------------------------------+------------------+
| Galileo Fund Services Limited | +44 (0)1624 |
| | 692600 |
+----------------------------------------------------+------------------+
| Ian Dungate, Company Secretary | |
+----------------------------------------------------+------------------+
| | |
+----------------------------------------------------+------------------+
| Panmure Gordon & Co. Limited | 44 (0)20 7459 |
| | 3600 |
+----------------------------------------------------+------------------+
| Hugh Morgan | |
+----------------------------------------------------+------------------+
| Stuart Gledhill | |
+----------------------------------------------------+------------------+
| | |
+----------------------------------------------------+------------------+
| Smithfield Consultants | +44 (0)20 7360 |
| | 4900 |
+----------------------------------------------------+------------------+
| John Kiely | |
+----------------------------------------------------+------------------+
| Gemma Froggatt | |
+----------------------------------------------------+------------------+
Website: www.europeanconvergencedevelopment.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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