![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
European Conv. | LSE:ECPC | London | Ordinary Share | GB00B0B7ZC68 | ORD EUR1.00 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00105 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2878B European Convergence Property CoPLC 01 August 2007 1 August 2007 EUROPEAN CONVERGENCE PROPERTY COMPANY PLC ("ECPC" OR "THE COMPANY") _____________ DISPOSAL OF THREE ROMANIAN PROPERTIES The Company is pleased to announce that its wholly owned subsidiary, ECPC (Cyprus) Limited, has entered into conditional sale and purchase agreements with DEGI Deutsche Gesellschaft fur Immobilienfonds m.b.H ("DEGI") the effect of which is to dispose of its three Romanian properties (the "Disposals"). DEGI is the real estate investment company of Allianz Group and is one of Germany's leading property managers. The Disposals take advantage of the substantial yield compression seen in the market over the past twelve months and, if they complete, will generate a substantial capital gain for the Company. The three investment properties being sold are Millennium Business Centre (purchase price, Euro52.6m), PGV Tower (Euro27.4m), and Construdava (Euro26.5m). These are all prime office locations based in Bucharest and their yields at point of sale are approximately 6.40%, 6.55%, and 7.20% respectively. The net consideration for the Disposals will be approximately Euro110.5m (after transaction costs and adjustments of Euro5.5m for the net current assets of the trading companies being sold). Final price determination will be dependent on post closing audit. These properties were acquired for a combined cost of Euro89.1m, and were re-valued earlier this year at Euro97.5m. The Disposals are expected to complete by the end of November 2007. After repaying the external financing of the projects the Company will be left with net proceeds of approximately Euro49.9m (prior to any adjustments for items such as deferred tax and management fees), which includes a gain of approximately Euro15.9m on the initial equity investment. The consideration for the Disposals will be payable in cash. The Company does not intend to reinvest the proceeds of the Disposals. The Investment Manager estimates that the net impact of the Disposals should, on completion, lead to an increase in the Net Asset Value per share attributable to the three properties being sold of approximately Euro0.15 per share when compared to the NAV of 31 January 2007 announced on 21 March 2007. This figure assumes the release of related provisions for deferred taxation (net impact of approximately Euro0.08 per share) which were raised at the time of the 31 January 2007 revaluation, and it also includes a provision for expected performance fees due to the Investment Manager of approximately Euro0.05 per share. In addition, the rental income for Construdava has recently risen appreciably and, in line with the original sales and purchase agreement, this has triggered a further payment to the original vendor of Euro2.0m, representing a payment of approximately Euro0.03 per share. The increase in rental incomes has been reflected in the proposed disposal price of Construdava. As the Disposals represent a disposal resulting in a fundamental change of business under rule 15 of the AIM Rules for Companies, the Disposals will be conditional upon, inter alia, the approval of the Company's shareholders at an Extraordinary General Meeting. A circular outlining further details of the Disposals and convening the Extraordinary General Meeting will be sent to shareholders in due course. If the Disposals complete, the Company will be left with one remaining investment property; Mall Veliko Turnovo in Bulgaria. Due to the substantial yield compression seen in the market, the Company does not intend to pursue any further acquisitions and the Directors are currently considering the methods for returning both the proceeds from the Disposals and univested cash to shareholders in as short a time as possible. 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 Smithfield Consultants +44 (0)20 7903 4900 John Kiely/Anne Howalt Website: www.europeanconvergence.com This information is provided by RNS The company news service from the London Stock Exchange END DISPBMFTMMAMMRR
1 Year European Convergence Chart |
1 Month European Convergence Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions