5 Oct 2007 14:03
EuroTrust A/S05 October 2007 5 October 2007 EuroTrust A/S("EuroTrust" or the "Company") Disposal of Real Estate Interests- contract update On 3 July, EuroTrust announced that it had entered into conditional agreementsto dispose of certain real estate interests in Denmark. Further to thisannouncement, the Company is pleased to update progress on these sales and theirimpact on the Company's results for the 12 months to 30 June 2007, which areexpected to be released on 8 October 2007. (i) Sale of Ejendomsselskabet Tetris ApS and Den gamle Enigheden ApS, Copenhagen. This sale has completed and marks the Company's exit from the central Copenhagen market for flats. The proceeds of this sale will be recognised in the results for the 12 months ended 30 June 2007. (ii) Sale of Lokken SKN Gruppen A/S. This sale has completed and will be recognised in the results for the 12 months ended 30 June 2007. (iii) Sale of Den Gamle Skibsmedie ApS, Skagen. The Company has granted the purchaser additional time to complete its funding arrangements. The Company expects this sale to complete during the current financial year and the proceeds of this sale will not be recognised in the results for the 12 months ended 30 June 2007. (iv) Sale of Romo Golf A/S and adjacent Wellness Centre Building.The purchasers' proposed financing terms have been deemed to be unacceptable to EuroTrust and the Company has terminated this conditional agreement. The Company is speaking to other interested parties and expects the sale of both assets to be completed during the current financial year and the proceeds of this sale will not be recognised in the results for the 12 months ended 30 June 2007. Further details of these sales will be contained in the Company's results forthe 12 months to 30 June 2007, which are expected to be release on 8 October2007. --ENDS-- For further information please contact: EuroTrust +45 7696 6000Bo Kristensen, CEO Cenkos Securities plc +44(0)20 7397 8926 West Hill Corporate Finance +44 (0)20 7464 8822Alan Richards Haggie Financial +44 (0)20 7417 8989Peter 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 50 commercial and residential property developmentprojects in Denmark and Norway. This information is provided by RNS The company news service from the London Stock Exchange