Distributable Reserves Update

RNS Number : 0416Q

Carpathian PLC

01 November 2012

 



Date:	1 November 2012
On behalf of:	Carpathian PLC ("Carpathian", the "Company" or the "Group")
Embargoed until:	0700hrs

Carpathian PLC

Distributable reserves update

The Board of Carpathian PLC is pleased to announce that as at 31 October 2012 the Company had estimated unaudited distributable reserves of approximately 2.2 euro cents per share with cash held by group holding companies in the Isle of Man and Luxembourg representing in excess of 1.2 euro cents per share within that total. The distributable reserves have been calculated after taking into account all expected costs that would be expected to be incurred up to the completion of a liquidation of the Group's subsidiary undertakings by the end of 2012 (and beyond, where necessary).

However, the Company is in discussions with parties interested in a capital reorganisation, with the potential for existing shareholders to realise some value in addition to the distributable reserves indicated above. 

In the Board's view, the potential for such additional shareholder value means that it is beneficial to retain the cash and reserves within the Group for a limited period of time pending the outcome of these discussions.

The Company expects to be able to make a definitive announcement on the final distribution to shareholders together with the outcome of the reorganisation discussions by no later than 30 November 2012.

-Ends-

Enquiries:

Carpathian PLC
Rory Macnamara, Non-executive Chairman	Via Redleaf Polhill
Carpathian Asset Management Limited	020 7917 9572
Paul Rogers / Balazs Csepregi	[e-mail]
Canaccord Genuity Limited	020 7523 8350
Bruce Garrow
Redleaf Polhill	020 7566 6720
Henry Columbine / Hannah Fensome	[e-mail]

 

END

 

 

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