Frk Eur Igc Etf Regulatory News (EURO)

7 Nov 2007 16:56

EuroTrust A/S07 November 2007 Press releaseFor immediate release7 November 2007 EuroTrust A/S City development agreement EuroTrust A/S ("EuroTrust" or "the Company") (AIM:EURO), the wind energy andproperty development company, announces that Aktiv Gruppen Holding A/S ("AktivGruppen"), the Company's wholly owned property development subsidiary, enteredinto an agreement earlier today with the municipality of Herning ("Herning")concerning an 800 hectares city development. The agreement relates to the Jutland development referred to in the Company's2007 annual report. Under the agreement, the parties will incorporate a jointcompany within the next twelve months, in which Herning own will 40% of theshares and Aktiv Gruppen will own 60%. Herning will contribute 356 ha. of landwith a value of DKK 79.6 million (EUR 10.7 million) into the joint company, withAktiv Gruppen contributing DKK 119.4 million (EUR 16.0 million). It has been agreed that the joint company's first development project will be todevelop 945 plots of land for villas and town houses as well as adjacent leisurefacilities including a 45 hole golf course, water sports facilities and a skidome.The necessary planning for the first development project will take placewithin the next 18 months. The agreement states that Herning will sell its shares when all the necessaryplanning consents for the first development are in place. Aktiv Gruppen will, atthat time, have the right to purchase the shares from Herning. The first development project is expected to be completed over the next decade,and is expected to generate revenues for EuroTrust and Aktiv Gruppen from 2009/10 as sales of the residential developments commence. It is intended that, over the next 10 years, the joint company will purchase upto 444 hectares of additional land to develop further leisure, commercial andservice developments. Robert Skjodt, CEO, commented: "This is an important milestone in EuroTrust'sdevelopment. It is the first agreement of its kind in Denmark where amunicipality and a private company have come together to develop an entire citydistrict. The Directors consider the selection of Aktiv Gruppen for this projectto be a strong endorsement of the quality of Aktiv Gruppen's team and offering". --ENDS-- For further information please contact: EuroTrust 00 45 7696 6000 Robert Skjodt Aktiv Gruppen Holding 00 45 7696 6000 Peter Juul Cenkos Securities 00 44 (0)20 7397 8926 Stephen Keys West Hill Corporate Finance 00 44 (0)20 7464 8822 Alan Richards Haggie Financial 00 44 (0)20 7417 8989 Peter Rigby/Alexandra Parry Notes to Editors: EuroTrust EuroTrust A/S is a leading Danish property developer and renewable powerproducer listed on the AIM market of London Stock Exchange. EuroTrust A/S has171 MW of wind power generation in operation or under construction in Germany,Italy, Spain and Poland, and 44 commercial and residential property developmentprojects in Denmark and Norway. This information is provided by RNS The company news service from the London Stock Exchange EN