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 €1,699,298 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 €1,677,000. The Company will record a profit on disposal of €22,298.

In addition, the loan to Property Capital Group AD of €91,426 was also repaid in full.    

For further information please contact:

European Convergence Development Company plc

+44 (0)1624 640200

Anderson Whamond




Charlemagne Capital

+44 (0)207 518 2100

Varda Lotan




Galileo Fund Services Limited

+44 (0)1624 692600

Ian Dungate, Company Secretary




Panmure Gordon (UK) Limited

+44 (0)20 7886 2500

Hugh Morgan






Smithfield Consultants

+44 (0)20 7360 4900

Ged Brumby


Henry Wallers


Website: www.europeanconvergencedevelopment.com


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