ECDC Eur.Conv.Dev

TIDMECDC

RNS Number : 2699C

European Convergence Develop. CoPLC

27 April 2012

27 April 2012

EUROPEAN CONVERGENCE DEVELOPMENT COMPANY PLC

Further Investment in Cascade Eurotower Office Development

European Convergence Development Company PLC ("ECDC" or the "Company") which is managed by Charlemagne Capital (IOM) Limited (the "Manager") announces that it has invested a further EUR510,000 in its Romanian joint venture associate company, Cascade Park Plaza S.R.L. ("CPP"). The investment is in the form of a new shareholder loan.

The investment forms part of a total of EUR1.2 million investment in CPP, made in conjunction with the joint venture partner.

The investment was an integral part of the restructuring of the finances of CPP. The two lending banks have provided additional financing which will be used along with the investment monies to settle the liability to the sub-contractor as per the terms of the settlement agreement signed in October 2011.

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 
 
                                              44 (0)20 7459 
 Panmure Gordon & Co. Limited                  3600 
 Hugh Morgan 
 Grishma Patel 
 
                                              +44 (0)20 7360 
 Smithfield Consultants                        4900 
 John Kiely 
 William Walter 
 

Website: www.europeanconvergencedevelopment.com

This information is provided by RNS

The company news service from the London Stock Exchange

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