ECPC European Conv.

TIDMECPC

RNS Number : 1394Y

European Convergence Property CoPLC

17 December 2010

17 December 2010

EuroPean convergence PROPERTY company plc

("ECPC" OR "THE COMPANY")

Update

The Directors of European Convergence Property Company PLC ("ECPC" or the "Company") wish to advise that the Company is in the process of arranging a valuation on its last remaining asset in Bulgaria, Mall Veliko Turnovo in preparation for the annual report and accounts for the period ending 31 December 2010.

Whilst the outcome of this valuation 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 an impairment on the Company's asset.

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.

For further information please contact:

 
 Charlemagne Capital (UK) 
  Limited                          +44 (0)207 518 2100 
 Varda Lotan / Christopher         marketing@charlemagnecapital.com 
  Fitzwilliam Lay                   www.charlemagnecapital.com 
 
 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 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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