Last checked at 1 Nov 2012 07:00
Date: | 1 November 2012 |
On behalf of: | Carpathian PLC ("Carpathian", the "Company" or the "Group") |
Embargoed until: | 0700hrs |
Carpathian PLC
Distributable reserves update
The Board of Carpathian PLC is pleased to announce that as at 31 October 2012 the Company had estimated unaudited distributable reserves of approximately 2.2 euro cents per share with cash held by group holding companies in the Isle of Man and Luxembourg representing in excess of 1.2 euro cents per share within that total. The distributable reserves have been calculated after taking into account all expected costs that would be expected to be incurred up to the completion of a liquidation of the Group's subsidiary undertakings by the end of 2012 (and beyond, where necessary).
However, the Company is 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.
In the Board's view, 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 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 30 November 2012.
-Ends-
Enquiries:
Carpathian PLC | |
Rory Macnamara, Non-executive Chairman | Via Redleaf Polhill |
Carpathian Asset Management Limited | 020 7917 9572 |
Paul Rogers / Balazs Csepregi | ir@carpathianam.com |
Canaccord Genuity Limited | 020 7523 8350 |
Bruce Garrow | |
Redleaf Polhill | 020 7566 6720 |
Henry Columbine / Hannah Fensome | carpathian@redleafpolhill.com |