Last checked at 22 Apr 2009 07:00
New Europe Property Investments plc (the "Company")
(Incorporated and registered in the Isle of Man with registered number 001211V)
(Registered as an external company with limited liability under the laws of South Africa, registration number 2009/000025/10)
AIM share code: NEPI
JSE share code: NEP
ISIN: IM00B23XCH02
Possible offer for Carpathian plc ("Carpathian")
The board of New Europe Property Investments plc announces that the Company has approached the board of Carpathian with a potential offer to acquire the entire issued share capital of Carpathian at a price of EUR0.20 per Carpathian share in cash, subject to certain conditions (the "Proposed Offer").
Pursuant to Rule 2.4(c) of The City Code on Takeovers and Mergers ("the Takeover Code"), the Company reserves the right to make an offer for Carpathian at a lower pricewith the recommendation of the board of Carpathian. The Company also reserves the right to vary the form and/or mix of consideration of any offer that may be made.
This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Code and, at this stage, there can be no certainty that an offer or any other transaction will occur.
22 April 2009
For further information please contact:
| New Europe Property Investments plc Martin Slabbert
| +40 74 432 8882 |
| Nominated Adviser and Broker: Smith & Williamson Corporate Finance Limited Azhic Basirov/ Joanne Royden-Turner
| +44 20 7131 4000 |
| South African Sponsor: Java Capital (Proprietary) Limited Andrew Brooking | +27 11 283 0042 |