EURO Frk Eur Igc Etf

    RNS Number : 7862I
  EuroTrust A/S
  24 November 2008
   

    24 November 2008
    

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

SUSPENSION OF TRADING AND SUSPENSION OF PAYMENTS
    
On the 11th of November 2008 the Company announced that it was acting beyond the term of some of its existing debt facilities and was
relying on informal extension arrangement with its creditors to allow the process of a capital raising and asset disposals to continue.

Since that time the Company has made considerable progress in negotiating the terms of asset sales of its various wind assets, continued
with its efforts to sell the R?olf and Wellness Resort and, in parallel, continued to work with interested parties to seek to raise equity
finance.

Completing any of these initiatives would require time and accordingly the board sought to negotiate a formal extension of two months with
all its creditors to allow management the time to progress these actions.  The Board believed that by doing so it would be able to fulfil
its obligation to repay its debts as they became due and to preserve some value for shareholders.

While the majority of its creditors were supportive of this approach in principle, a junior creditor has indicated it is unwilling to
support this process.  Accordingly the board has no alternative but to file for Suspension of Payments for EuroTrust A/S in order to seek
the court's protection while management continue their efforts together with an administrator appointed by the Danish court. Management will
be able to continue to act on behalf of the Company, however, subject to the administrator's approval of material agreements and approval
from the majority of all creditors of particularly material agreements or arrangements. As a general rule, the Company is not entitled to
pay any debt related to the period prior to the Suspension of Payments.
    This is an extremely disappointing development for investors and one which the Board feels is unnecessary and prejudicial to all
stakeholders in the company.  Nonetheless it is unavoidable and therefore the Board has requested, and the London Stock Exchange has
confirmed, an immediate suspension in the trading of the Company's shares on the AIM Market of the London Stock Exchange
    Due to these developments, the Company has also canceled its AGM which was due to take place on Thursday 27 November 2008.
    Further announcements to shareholders will be made when appropriate.

For further information please call

EuroTrust A/S
       
Robert Skj?                                              Tel: +45 7696 6090
     
END


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