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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:1299O European Convergence Property CoPLC 28 June 2005 28 June 2005 European Convergence Property Company plc ("ECPC" or the "Company") First day of dealings on AIM The Directors of ECPC are pleased to announce that the Company's ordinary shares of Euro1 each have today commenced trading on AIM. The Company's ticker is "ECPC". ECPC is a newly incorporated Isle of Man company established to take advantage of opportunities that exist in the property markets of South-East Europe. The Company will invest in commercial, retail and industrial property, with a view to taking advantage of high yields and the potential for capital appreciation. The principal target countries are Turkey, Romania and Bulgaria. Opportunistically, the Company may also seek special situations investments in these markets and in Central Europe, predominantly in Poland, Hungary and the Czech Republic. The Company will primarily seek to invest in income producing assets in high quality locations in Istanbul, Bucharest and Sofia. These markets currently offer amongst the highest investment rental yields in continental Europe. This, coupled with structural and legal reform programmes currently in place as a result of EU entry ambitions in each country, should lead to yield compression as a result of risk reduction. The Company has raised Euro62.7 million before expenses through the placing of 62.7 million new ordinary shares at a price of Euro1 per share. The Company's issued share capital is 62,696,333 ordinary shares of Euro1 each. The placing proceeds will be applied to fulfill the investment strategy outlined above. The Company's investment manager is Charlemagne Capital (IOM) Limited which is regulated by the Isle of Man Financial Supervision Commission for investment and corporate service provider business. The Charlemagne Group specialises in managing funds in public and private equity in global emerging markets. Its private equity and property team have historically focused on Central and South-East Europe. The Charlemagne Group currently manages in excess of US$2.6 billion. Panmure Gordon & Co acts as Nominated Adviser and broker to the Company. Commenting on today's admission to AIM, Anderson Whamond, Director of Charlemagne Capital and ECPC commented: "We are delighted with the outcome of the Company's fundraising and its admission to AIM today. We firmly believe that the property markets of Turkey, Bulgaria and Romania offer exciting opportunities with some of the highest rental yields in Continental Europe and attractive capital growth potential". Enquiries: European Convergence Property Company plc 01624 640200 Anderson Whamond, Director Charlemagne Capital 020 7518 2100 Christopher Fitzwilliam Lay Panmure Gordon & Co 020 7459 3600 Richard Swindells Notes to editors: The Charlemagne Group is an independent asset management group whose formula for successful investment consists of its rigorous, value-based, 'bottom-up' stock selection process, its information advantage derived from stock specific primary research and its disciplined approach to portfolio construction and risk management. The Charlemagne Group's focus has always been exclusively on emerging markets and its success, in terms of fund performance, business growth and industry awards, has cemented the group's reputation as an emerging markets specialist. This information is provided by RNS The company news service from the London Stock Exchange END MSCGIGDLRGDGGUI
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