Regulatory Story
Go to market news section View chart   Print
RNS
Carpathian PLC  -  CPT   

Distributable Reserves Update

Released 07:00 30-Nov-2012

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

ir@carpathianam.com



Canaccord Genuity Limited

020 7523 8350

Bruce Garrow




Redleaf Polhill

020 7566 6720

Henry Columbine / Hannah Fensome

carpathian@redleafpolhill.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCFDSSMSFESEEF
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Distributable Reserves Update - RNS