Last checked at 20 Nov 2008 07:00
| PRESS ANNOUNCEMENT | |
| EMBARGOED FOR 0700HRS | |
| 20 November 2008 | |
| Carpathian PLC ("Carpathian" or the "Company") | |
| INTERFRUCT UPDATE - BANK GUARANTEE DRAWDOWN COMPLETE | |
| Carpathian plc (AIM: CPT), the retail commercial property investment company established to invest in Central and Eastern Europe, announces that further to the interim results announcement on 29 September 2008, approximately €5 million has recently been received, being the outstanding part of the €6.4 million bank guarantee due from Interfruct's bank. The tenant's bank guarantee is now fully drawn and the total receipts represent an amount equivalent to approximately 11 months of current rent (including the rent arrears accrued since July 2007). | |
- Ends -
| Enquiries: | |
| Carpathian PLC | Via Redleaf Communications |
| Rory Macnamara (Non-executive Chairman) | |
| Carpathian Asset Management Limited | 0203 178 2892 |
| Paul Rogers | |
| Collins Stewart Europe Limited | 020 7523 8000 |
| Bruce Garrow | |
| Redleaf Communications | 020 7566 6700 |
| Emma Kane Adam Leviton | carpathian@redleafpr.com |
Notes to Editors:
| - | Carpathian was created in 2005 for the purpose of investing in Central and Eastern European commercial real estate. |
| - | Carpathian's primary focus is on shopping centres, supermarkets and retail warehousing in several target countries in Central and Eastern Europe including Croatia, the Czech Republic, Hungary, Bulgaria, Poland, Romania, Slovakia and the Baltics. |
| - | Carpathian's principal objective is to provide shareholders with a regular and significant dividend income, derived from rental income. In addition, there is potential for capital appreciation from the sale, redevelopment and refinancing of its properties. |
| - | Carpathian listed on AIM in July 2005 and has acquired a substantial property portfolio of approximately £650 million (approximately €810 million). |
| - | Carpathian Asset Management Limited ("CAM") is the Property Investment Adviser to Carpathian. It is responsible for identifying acquisition targets, managing transactions and portfolios and development activity within Central and Eastern Europe. The Company holds a 50 per cent. interest in CAM, the remaining 50 per cent. of which is held by UK Real Estate Management Limited (a company wholly owned by Paul Rogers and Massimo Marcovecchio). |