European Convergence Develop. CoPLC Disposal (9586R)

TIDMECDC

RNS Number : 9586R

European Convergence Develop. CoPLC

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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