Litigation between Asmita Gardens and Strabag (7718D)
29 Mars 2011 - 8:00AM
UK Regulatory
TIDMECDC
RNS Number : 7718D
European Convergence Develop. CoPLC
29 March 2011
29 March 2011
EUROPEAN CONVERGENCE DEVELOPMENT COMPANY PLC
Favourable Court Ruling in the legal proceedings between Asmita
Gardens and Strabag
European Convergence Development Company PLC ("ECDC" or the
"Company") which is managed by Charlemagne Capital (IOM) Limited
(the "Manager") wishes to update shareholders on the current
position regarding the litigation between Asmita Gardens SRL
("Asmita") and the general contractor Strabag SRL ("Strabag").
On the 14(th) March 2011 the Civil Court in Romania annulled the
judgment obtained by Strabag in September 2010 for payment of
disputed invoices. The decision provides Asmita, with the
continuing support of the financing bank, the ability to continue
the normal course of business without disruption. The full effects
of this favourable decision by the court are being reviewed and
will be explained in more detail in the next shareholders update to
be issued at the end of April.
The Company continues to work with the Bank and its Partner to
find a solution to the ongoing dispute with Strabag.
Enquiries:
European Convergence Development Company
plc +44 (0)1624 640200
Anderson Whamond
+44 (0)207 518
Charlemagne Capital 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
Abhishek Majumdar
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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