CCAP.L Regulatory News (CCAP)

20 Jun 2007 07:01

Charlemagne Capital Limited20 June 2007 20 June 2007 Charlemagne Capital raises $80 million (€60 million) for AIM listed private equity property company Charlemagne Capital, the specialist emerging markets group, is pleased to announce that European Convergence Development Company ("ECDC" or "the Company"), managed by Charlemagne Capital, has successfully completed a Placing of $80 million (€60 million). The shares are expected to be admitted to the AIM market of the London Stock Exchange tomorrow, June 21st. The Company was established in September 2006, with an initial private fund raisingof $40 million (€30 million), to take advantage of opportunities in the property markets of southeast Europe. The Company has since made three investments and thesecondary Placing takes total assets to $128 million (€96 million). ECDC invests in real estate development financing opportunities primarily in commercial, retail, and residential property focusing on early stage developments whereby it co-invests with local and international property developers. David Curl, Finance Director and Head of Investment at Charlemagne Capital,commented: "ECDC provides investors with exposure to the rapidly developingeastern European property markets, and Charlemagne Capital has the requiredexperience and local expertise to manage the portfolio successfully. We areexcited by the opportunities to capitalise on the excellent growth prospectscurrently available from investing in projects in Romania, Bulgaria and Turkeywhere the economic conditions provide a strong backdrop for achieving ourtargeted returns." Enquiries European Convergence Development Company plc 01624 640 200Anderson Whamond, Director Charlemagne Capital (UK) Limited 020 7518 2100David Curl, Finance Director and Head of InvestmentVarda Lotan, Marketing Director Smithfield Consultants 020 7360 4900John Kiely / George Hudson / Anne Howalt Notes to Editors Charlemagne Capital has approximately $4.8 billion in assets under management in a range of mutual funds, hedge funds and institutional and specialist fund products. Charlemagne Capital employs a range of investment strategies including: long only, long/short, structured products and private equity. Charlemagne Capital's funds aim to exploit the inefficiencies in the market via a strict bottom up approach and focused stock selection. This announcement is not for publication or distribution to persons in the United States of America, its territories or possessions or to any US person(within the meaning of Regulation S of the US Securities Act of 1933, asamended). Neither this announcement nor any copy of it may be taken ortransmitted into Australia, Canada or Japan or to Canadian persons or to anysecurities analyst or other person in any of those jurisdictions. Any failure tocomply with this restriction may constitute a violation of United States,Australian, Canadian or Japanese securities law. The distribution of thisannouncement in other jurisdictions may be restricted by law and persons intowhose possession this announcement comes should inform themselves about andobserve any such restrictions. This announcement contains certain forward-looking statements with respect tothe financial condition, results of operations and businesses of the Group.These statements and forecasts involve risk and uncertainty because they relateto events and depend upon circumstances that will occur in the future. There area number of factors that could cause actual results or developments to differmaterially from those expressed or implied by these forward-looking statementsand forecasts. Nothing in this announcement should be construed as a profitforecast. This information is provided by RNS The company news service from the London Stock Exchange