TIDMCPT TIDMNEPI
RNS Number : 9338R
Carpathian PLC
08 May 2009
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| PRESS ANNOUNCEMENT |
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| IMMEDIATE RELEASE | |
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| | |
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| 8 May 2009 | |
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| Carpathian PLC ("Carpathian" or the "Company") |
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| |
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| TERMINATION OF OFFER PERIOD |
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| |
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| As stated within the Company's preliminary results announcement |
| released on 1 May 2009, as a conclusion to the strategic review |
| the Board has decided to continue its trading strategy over the |
| medium term, while returning any excess cash arising from |
| property sales to shareholders. As a result, the Board at that |
| time asked all parties that Carpathian had been in discussions |
| with in relation to a possible offer to confirm the status of |
| such discussions. |
| Following the announcement by New European Property Investments |
| plc ("NEPI") earlier today, the Board can now confirm that all |
| such parties have indicated that they are not currently |
| considering making an offer for Carpathian and as a result the |
| Company is no longer in an offer period. |
| The Board would like to clarify a number of points set out in |
| NEPI's announcement concerning Carpathian this morning: |
| |
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| - | after carefully reviewing NEPI's indicative proposal, and in |
| | consultation with certain of the Company's major shareholders, the |
| | Board concluded that it was not at a level which would be likely to |
| | maximise value for shareholders |
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| | |
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| - | the Board therefore declined to recommend NEPI's proposal |
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| | |
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| - | the possible share alternative mentioned in NEPI's announcement was a |
| | partial share alternative for up to 49.9 per cent. of the share |
| | capital of the acquiring vehicle |
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| Enquiries: | |
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| | |
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| Carpathian PLC | Via Redleaf Communications |
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| Rory Mcnamara (Non-executive | |
| Chairman) | |
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| | |
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| Hawkpoint Partners Limited | 020 7665 4500 |
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| Edward Arkus | |
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| | |
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| Collins Stewart Europe Limited | 020 7523 8000 |
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| Bruce Garrow | |
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| | |
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| Redleaf Communications | 020 7566 6700 |
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| Emma Kane | carpathian@redleafpr.com |
| Adam Leviton | |
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| |
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This information is provided by RNS
The company news service from the London Stock Exchange
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