EURO Frk Eur Igc Etf

    RNS Number : 9759X
  EuroTrust A/S
  01 July 2008
   

    Eurotrust A/S
    ("Eurotrust" or the "Company")

    Completion of Disposal of Property Development Business
    Further to its announcement dated 24 June 2008 (the "Announcement"), the Company is pleased to announce that it has successfully
completed the disposal of substantially all of its property development business, fulfilling the Company's stated aim of disposing of its
property business by the end of June 2008 and allowing the Company to become a pure play renewable energy business. Although, as set out in
the Announcement, the Company will retain two projects in the Group, namely the RGolf and Wellness Centre ("Romo") and one project which is
due for cancellation. The Company intends to dispose of Romo when market conditions are more favourable.
    Following further negotiations between the Company and CSV Invest ApS (the "Buyer"), the net debts assumed by the Buyer in relation to
the business being acquired have been adjusted from approximately DKK 644m (EUR86m) to approximately DKK 639m (EUR84m). 
    In addition, the Company disclosed in the Announcement that guarantees over the out-going debt of approximately DKK 276m (EUR37m) would
remain in the Group. However, following on-going negotiations those guarantees have been reduced and the Company will now guarantee
approximately DKK 143m (EUR19m) of these obligations. The Directors will continue to seek appropriate releases in relation to these
guarantees.
    As also mentioned in the Announcement, the Company will receive (on Completion) an amount representing certain operating expenses of the
property development division since 1 April 2008. The amount of this payment has now been determined to be DKK 42m (EUR5.6m).
    Terms defined in the Announcement have the same meaning in this announcement. Figures quoted in EUR have been calculated on the basis of
an exchange rate of 7.45 DKK/EUR.
    Commenting on the completion of the Disposal, CEO Robert Skjoedt said:
    "We are delighted to have completed the disposal of the Company's property development assets. This transformational disposal allows
EuroTrust to become a pure play renewable energy company, free to focus our efforts on the profitable wind assets and to raise equity to
fund the roll out of our strategy. We remain committed to growing our European footprint and of delivering 1,000 MW of capacity in the
medium term."
    For further information, please contact:

    Eurotrust A/S
    Tel: +45 7696 6090

    Robert Skjoedt
    Chief Executive Officer

    Kaupthing Singer & Friedlander Capital Markets Limited (Nominated Adviser/Broker)
    Tel: +44 (0)20 3205 5000

    Jos Trusted
    Richard Savage

    West Hill Corporate Finance Limited (Financial Adviser)
    Tel: +44 (0) 207 464 8822

    Alan Richards
    John Terrando


    Cubitt Consulting
    Tel: +44 (0)20 7367 5100

    Simon Brocklebank-Fowler
    Michael Henman
    Allison Reid


This information is provided by RNS
The company news service from the London Stock Exchange
 
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