27th Apr 2012 12:58
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 €510,000 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 €1.2 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 | |
Charlemagne Capital | +44 (0)207 518 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 | |
Grishma Patel | |
Smithfield Consultants | +44 (0)20 7360 4900 |
John Kiely | |
William Walter |
Website: www.europeanconvergencedevelopment.com
Related Shares:
CCAP.L