ECDC Eur.Conv.Dev

TIDMECDC

RNS Number : 1400Y

European Convergence Develop. CoPLC

17 December 2010

17 December 2010

EUROPEAN CONVERGENCE DEVELOPMENT COMPANY PLC ("ECDC" OR "THE COMPANY")

Update

The Directors of European Convergence Development Company PLC ("ECDC" or the "Company") wish to advise that the Company is in the process of arranging valuations on its investments in Bulgaria and Romania in preparation for the annual report and accounts for the year ending 31 December 2010.

Whilst the outcome of these valuations will not be known until early in the New Year, the Directors believe that it is important to keep shareholders informed of the continuing difficult trading conditions which, when combined with the uncertain economic outlook in this region, are likely to lead to impairments on certain of the Company's assets.

The Directors have resolved to make this statement, well in advance of the annual report and accounts, as they believe that although the quantum of the impairment is as yet unknown, it is likely to be material in relation to the Company's current Net Asset Value.

Enquiries:

 
 European Convergence Development Company 
  plc                                         +44 (0)1624 640200 
 Anderson Whamond 
 
                                              +44 (0)207 518 
 Charlemagne Capital                           2100 
 Varda Lotan / Christopher Fitzwilliam Lay 
 
 Galileo Fund Services Limited                +44 (0)1624 692600 
 Ian Dungate, Company Secretary 
 
 Panmure Gordon (UK) Limited                  44 (0)20 7459 
                                               3600 
 Hugh Morgan 
 Abhishek Majumdar 
 
 Smithfield Consultants                       +44 (0)20 7360 
                                               4900 
 John Kiely 
 Gemma Froggatt 
 

Website: www.europeanconvergencedevelopment.com

This information is provided by RNS

The company news service from the London Stock Exchange

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