24 Jan 2012 10:00

Date: | 24 January 2012 |
On behalf of: | Carpathian PLC ("Carpathian", the "Company" or the "Group") |
Immediate release |
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Carpathian PLC
("Carpathian" or the "Company")
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Completion of Dawnay, Day Group ("DDG") Settlement and reduction of share capital
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As announced on 1 December 2011, the settlement arrangements with DDG were conditional upon a successful Company Voluntary Arrangement ("CVA") being executed and the share capital of Perriniana Limited being acquired.
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Your Board is pleased to announce that the CVA has been completed and cash payments by Carpathian of £4.1m have been made in respect of payments to the creditors and the purchase of 60% of the share capital of Perriniana Limited.
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In addition, of the 1,983,671 ordinary shares retained as part of the DDG Settlement, 1,190,203 ordinary shares were transferred to the Company by its nominee and have been cancelled for a nominal sum. The balance of ordinary shares and associated dividends will be transferred to UK Real Estate Management Limited, as referenced in the announcement on 1 December 2011.
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Accordingly, the Company's total issued share capital has been reduced to 230,957,972 ordinary shares of 0.01 euro cents per share.
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It is expected that the liquidation of Perriniana Limited will be concluded in February 2012, at which time the share purchase consideration will be released to the relevant sellers.
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-Ends-
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Enquiries:
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Carpathian PLC | |
Rory Macnamara, Non-executive Chairman | Via Redleaf Polhill |
CPT LLP | 020 7529 6413 |
Paul Rogers/Balazs Csepregi | ir@carpathianam.com |
 Collins Stewart Europe Limited |  020 7523 8350 |
Bruce Garrow | |
Redleaf Polhill | 020 7566 6720 |
Henry Columbine / Luis Mackness | carpathian@redleafpolhill.com |
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Notes to Editors:
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- | Carpathian was created in 2005 for the purpose of investing in Central and Eastern European commercial real estate. |
- | Carpathian was admitted to trading on AIM in July 2005. |
- | CPT LLP is the Property Investment Adviser to Carpathian. CPT LLP owns 100% of Carpathian Asset Management Limited (CAM). CAM, which was previously owned 50% by the Company, became fully externalised when the Company and CPT LLP implemented the new portfolio management agreement on 1 March 2010. CAM, together with its parent undertaking, CPT LLP, is responsible for managing the remaining core portfolio of assets and transactions within Central and Eastern Europe. |
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