Breach of warranty claims

 

TIDMECPC 
 
RNS Number : 2769M 
European Convergence Property CoPLC 
27 January 2009 
 

 
 
 
 
27 January 2009 
 
 
 
 
EUROPEAN CONVERGENCE PROPERTY COMPANY PLC 
 
 
("ECPC" OR "THE COMPANY") 
 
 
 
 
Breach of Warranty Claims 
 
 
Further to announcements made by the Company on 1 August and 11 October 2007 
relating to the sale of three Romanian properties, ECPC announces that the 
purchaser of the three properties has made claims totalling up to EUR4.5 million 
against the deferred proceeds of sale for alleged breaches of warranties 
contained in the sale and purchase agreements. 
 
 
The Company's Investment Manager is assessing these claims and is taking both 
legal and technical advice but, with the exception of a claim for EUR0.8 million 
for which provision was made in the accounts for financial year ended 30 June 
2008, the Directors do not believe that the claims, which were in any event made 
after the contractual deadline, have been or can be adequately substantiated and 
they intend to vigorously resist them. 
 
 
A further announcement will be made in due course. 
 
 
 
For further information please contact: 
 
 
 
 
 
 
Enquiries: 
 
 
European Convergence Property Company plc 
              [phone] 
Anderson Whamond 
 
 
 
 
Charlemagne Capital 
                [phone] 
Christopher Fitzwilliam Lay/Varda Lotan 
 
 
Panmure Gordon (UK) Limited [phone] 
Hugh Morgan/Stuart Gledhill 
 
 
Smithfield Consultants 
                [phone] 
John Kiely/ Gemma Froggatt 
 
 
Website: www.europeanconvergence.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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