ECDC Eur.Conv.Dev

TIDMECDC

RNS Number : 7718D

European Convergence Develop. CoPLC

29 March 2011

29 March 2011

EUROPEAN CONVERGENCE DEVELOPMENT COMPANY PLC

Favourable Court Ruling in the legal proceedings between Asmita Gardens and Strabag

European Convergence Development Company PLC ("ECDC" or the "Company") which is managed by Charlemagne Capital (IOM) Limited (the "Manager") wishes to update shareholders on the current position regarding the litigation between Asmita Gardens SRL ("Asmita") and the general contractor Strabag SRL ("Strabag").

On the 14(th) March 2011 the Civil Court in Romania annulled the judgment obtained by Strabag in September 2010 for payment of disputed invoices. The decision provides Asmita, with the continuing support of the financing bank, the ability to continue the normal course of business without disruption. The full effects of this favourable decision by the court are being reviewed and will be explained in more detail in the next shareholders update to be issued at the end of April.

The Company continues to work with the Bank and its Partner to find a solution to the ongoing dispute with Strabag.

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 & Co. 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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