European Conv Prop: Romanian property sale update | Company Announcements

Thursday 11 October, 2007

European Conv Prop

Romanian property sale update

European Convergence Property CoPLC
11 October 2007


11 October 2007

                    EUROPEAN CONVERGENCE PROPERTY COMPANY PLC
                            ('ECPC' OR 'THE COMPANY')
                                        
                 DISPOSAL OF THREE ROMANIAN PROPERTIES - UPDATE

ECPC is pleased to announce that the sale of its three investment properties in
Romania as announced on 1 August 2007 is nearing completion.

The Company is soon to receive the majority of the proceeds of the sale and is
working with its advisors to secure the most suitable mechanism for returning
these monies, along with any un-invested cash, to its shareholders.

To that end the Company will shortly be seeking appropriate resolutions from its
shareholders to allow an initial return of capital estimated as between €0.89
and €0.94 early in the first quarter of 2008.

Enquiries:

European Convergence Property Company plc      +44 (0)1624 640200
Anderson Whamond

Charlemagne Capital                            +44 (0)20 7518 2100
Christopher Fitzwilliam Lay/Varda Lotan

Panmure Gordon (Broking) Limited               +44 (0)20 7459 3600
Hugh Morgan/Jonathan Lack/Stuart Gledhill

Website: www.europeanconvergence.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange

Investegate takes no responsibility for the accuracy of the information within the site.

The announcements are supplied by the denoted source. Queries about the content of an announcement should be directed to the source. Investegate reserves the right to publish a filtered set of announcements. NAV, EMM/EPT, Rule 8 and FRN Variable Rate Fix announcements are filitered from this site.