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Nabarro advise on AIM float of investment company
2 July 2007
Nabarro acted for Panmure Gordon (Broking) Limited in its capacity as nominated adviser to European Convergence Development Company plc (ECDC) in relation to its €60 million flotation on AIM.
Charlemagne Capital (UK) Limited acted as placing agent. Charlemagne Capital (IOM) Limited was appointed as investment manager to ECDC with effect from admission of ECDC’s shares to trading on AIM. The proceeds of the fundraising will be used to expand ECDC’s portfolio in accordance with its investment strategy.
ECDC is an investment company incorporated in the Isle of Man, the investment strategy of which is to invest in development property in South-East Europe. The principal target countries of ECDC are Bulgaria, Romania and Turkey. In August 2006 ECDC raised approximately €30 million by way of a private placing, the proceeds of which were used by ECDC to make investments in two early-stage property developments in Bucharest, Romania and one in Plovdiv City, Bulgaria.
The Nabarro team comprised Warren Taylor (corporate finance partner) and James Archibald (corporate finance associate). ECDC was advised by Stephenson Harwood.
Warren Taylor, who led the Nabarro team, commented:
“Following the successful flotation of Naya Bharat Property Company plc earlier this year, we are delighted to have advised Panmure Gordon on a second property investment company flotation originated by Charlemagne Capital.”
If you would like any further information or have any queries please contact:
Charlotte Tandy
Lansons Communications
020 7566 9706
charlottet@lansons.com
or
Warren Taylor
Partner
Nabarro
020 7524 6392
w.taylor@nabarro.com
