Update (1394Y)
17 December 2010 - 6:00PM
UK Regulatory
TIDMECPC
RNS Number : 1394Y
European Convergence Property CoPLC
17 December 2010
17 December 2010
EuroPean convergence PROPERTY company plc
("ECPC" OR "THE COMPANY")
Update
The Directors of European Convergence Property Company PLC
("ECPC" or the "Company") wish to advise that the Company is in the
process of arranging a valuation on its last remaining asset in
Bulgaria, Mall Veliko Turnovo in preparation for the annual report
and accounts for the period ending 31 December 2010.
Whilst the outcome of this valuation will not be known until
early in the New Year, the Directors believe that it is important
to keep shareholders informed of the continuing difficult trading
conditions which, when combined with the uncertain economic outlook
in this region, are likely to lead to an impairment on the
Company's asset.
The Directors have resolved to make this statement, well in
advance of the annual report and accounts, as they believe that
although the quantum of the impairment is as yet unknown, it is
likely to be material in relation to the Company's current Net
Asset Value.
For further information please contact:
Charlemagne Capital (UK)
Limited +44 (0)207 518 2100
Varda Lotan / Christopher marketing@charlemagnecapital.com
Fitzwilliam Lay www.charlemagnecapital.com
Galileo Fund Services Limited +44 (0)1624 692600
Ian Dungate, Company Secretary
Panmure Gordon (UK) Limited 44 (0)20 7459 3600
Hugh Morgan
Abhishek Majumdar
Smithfield Consultants +44 (0)20 7360 4900
John Kiely
Gemma Froggatt
This information is provided by RNS
The company news service from the London Stock Exchange
END
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