Distributable Reserves Update

RNS Number : 4009S

Carpathian PLC

30 November 2012

 



 

Date:	30 November 2012
On behalf of:	Carpathian PLC ("Carpathian", the "Company" or the "Group")
Embargoed until:	0700hrs

 Carpathian PLC

Distributable Reserves Update

On 1 November 2012, the Board of Carpathian announced that as at 31 October 2012 the Company had estimated unaudited distributable reserves of approximately 2.2 euro cents per share and that the Company was 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.

These discussions have taken considerably longer to reach a conclusion than was originally anticipated, but are continuing to make progress. 

The Board remains of the view that 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 now 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 15 December 2012.

However, it should be noted that under AIM Rules, as a consequence of Carpathian divesting substantially all of its assets on 15 December 2011, in accordance with Rule 15 the Company was obliged to announce a reverse takeover or a change in its investment policy approved by shareholders within 12 months from that date. Therefore, it is expected that trading in the Company's ordinary shares will be suspended on 15 December 2012 until such time as any consequent transaction or investing policy is actually announced and subsequently approved by the shareholders in general meeting.  

-Ends-

Enquiries:

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

 

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