Breach of warranty claims
27 Gennaio 2009 - 8:00AM
UK Regulatory
TIDMECPC
RNS Number : 2769M
European Convergence Property CoPLC
27 January 2009
27 January 2009
EUROPEAN CONVERGENCE PROPERTY COMPANY PLC
("ECPC" OR "THE COMPANY")
Breach of Warranty Claims
Further to announcements made by the Company on 1 August and 11 October 2007
relating to the sale of three Romanian properties, ECPC announces that the
purchaser of the three properties has made claims totalling up to EUR4.5 million
against the deferred proceeds of sale for alleged breaches of warranties
contained in the sale and purchase agreements.
The Company's Investment Manager is assessing these claims and is taking both
legal and technical advice but, with the exception of a claim for EUR0.8 million
for which provision was made in the accounts for financial year ended 30 June
2008, the Directors do not believe that the claims, which were in any event made
after the contractual deadline, have been or can be adequately substantiated and
they intend to vigorously resist them.
A further announcement will be made in due course.
For further information please contact:
Enquiries:
European Convergence Property Company plc
+44 (0)1624 640200
Anderson Whamond
Charlemagne Capital
+44 (0)20 7518 2100
Christopher Fitzwilliam Lay/Varda Lotan
Panmure Gordon (UK) Limited +44 (0)20 7459 3600
Hugh Morgan/Stuart Gledhill
Smithfield Consultants
+44 (0)20 7903 0669
John Kiely/ Gemma Froggatt
Website: www.europeanconvergence.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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