EURO Frk Eur Igc Etf

    RNS Number : 8705H
  EuroTrust A/S
  11 November 2008
   

    11 November 2008


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


    UPDATE ON DEVELOPMENTS

    On the 18th of September 2008, the Group announced its preliminary results for the 12 months ended 30 June 2008 (the "Announcement"). 
At that time the Group noted that efforts were underway to undertake a recapitalisation of the Company and to sell the Company's R?olf and
Wellness Resort, which following the divestment of EuroTrust's former property development business, was treated as a discontinued activity
in its preliminary results.  The Board of EuroTrust wishes to update shareholders on developments since that time.

    Since the Announcement there has been an unprecedented financial crisis that has affected all countries. Inevitably the Group has been
affected but the Company continues to work actively with interested parties to raise equity finance to satisfy the Company's debt
obligations and to recapitalise the Company. However, in the light of current market conditions, the Board has also decided to pursue a sale
of some or all of the Company's operating wind farms in conjunction with the equity raising. The intention of the Board is to raise capital
to satisfy the Company's creditors and to then exploit its high quality pipeline of wind energy projects. 

    Efforts continue to sell the R?olf and Wellness Resort and the Company has negotiated with parties who have expressed serious interest
in the resort. The Directors remain hopeful that a sale can be concluded in the short term. 

    Finally, the Company is currently acting beyond the term of some of its existing debt facilities.   In relation to those debt
facilities, the Company has, until now, relied upon informal extension arrangements with its financiers to allow the process of any capital
raising (and disposal of R) to be completed.  However, any equity issue or asset sale remains dependent on the ongoing support of the
Group's financiers, without which the Group's ability to raise capital will be in doubt and its prospects adversely affected. 


    For further information please contact:
 EuroTrust A/S
 Robert Skj?                                              Tel: +45 7696 6090
 Chief Executive Officer


 Singer Capital Markets Limited              
 Jos Trusted                                                   Tel: +44 (0)20
 3205 5000
 Richard Savage

 West Hill Corporate                                   Tel: +44 (0) 20 7464
 8822
 Finance Limited
 Alan Richards
 John Terrando

 Cubitt Consulting 
 Michael Henman                                            Tel: +44 (0) 207
 367 5100




    Notes to editors

    EuroTrust A/S (AIM:EURO) is a leading Danish wind power producer listed on the AIM market of London Stock Exchange. EuroTrust has 186 MW
of wind power generation in operation or under construction in Germany, Italy, Spain and Poland. 

    END

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