DDG Settlement & reduction of share capital

RNS Number : 0394W

Carpathian PLC

24 January 2012

 



Date:	24 January 2012
On behalf of:	Carpathian PLC ("Carpathian", the "Company" or the "Group")
Immediate release

Carpathian PLC

("Carpathian" or the "Company")

Completion of Dawnay, Day Group ("DDG") Settlement and reduction of share capital

As announced on 1 December 2011, the settlement arrangements with DDG were conditional upon a successful Company Voluntary Arrangement ("CVA") being executed and the share capital of Perriniana Limited being acquired.

Your Board is pleased to announce that the CVA has been completed and cash payments by Carpathian of £4.1m have been made in respect of payments to the creditors and the purchase of 60% of the share capital of Perriniana Limited.

In addition, of the 1,983,671 ordinary shares retained as part of the DDG Settlement, 1,190,203 ordinary shares were transferred to the Company by its nominee and have been cancelled for a nominal sum. The balance of ordinary shares and associated dividends will be transferred to UK Real Estate Management Limited, as referenced in the announcement on 1 December 2011.

Accordingly, the Company's total issued share capital has been reduced to 230,957,972 ordinary shares of 0.01 euro cents per share.

It is expected that the liquidation of Perriniana Limited will be concluded in February 2012, at which time the share purchase consideration will be released to the relevant sellers.

-Ends-

Enquiries:

Carpathian PLC
Rory Macnamara, Non-executive Chairman	Via Redleaf Polhill
CPT LLP	020 7529 6413
Paul Rogers/Balazs Csepregi	[e-mail]
Collins Stewart Europe Limited	020 7523 8350
Bruce Garrow
Redleaf Polhill	020 7566 6720
Henry Columbine / Luis Mackness	[e-mail]

Notes to Editors:

-	Carpathian was created in 2005 for the purpose of investing in Central and Eastern European commercial real estate.
-	Carpathian was admitted to trading on AIM in July 2005.
-	CPT LLP is the Property Investment Adviser to Carpathian. CPT LLP owns 100% of Carpathian Asset Management Limited (CAM). CAM, which was previously owned 50% by the Company, became fully externalised when the Company and CPT LLP implemented the new portfolio management agreement on 1 March 2010. CAM, together with its parent undertaking, CPT LLP, is responsible for managing the remaining core portfolio of assets and transactions within Central and Eastern Europe.

 

END

 

 

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