COMPANY ANNOUNCEMENT
FOR IMMEDIATE RELEASE 30th April 2012
CITY LIFE PCC LIMITED
ROMANIA GEARED GROWTH CELL
(Registered number: 43271)
“Winding up of the Romania Geared Growth Cell ("the Fund")
Since the last communication on this matter we continue to make progress on the winding up of the Fund and returning capital to shareholders.
The liquidation of IFLAK Holdings Srl, the Romanian company, is expected to be finalised shortly which in turn will permit the process to liquidate Rominvest, the Luxembourg intermediate holding company, to commence. Once these companies are liquidated the Guernsey cell will be able to redeem all shares and pay the proceeds to all shareholders and the cell will be closed. It is anticipated, if all goes to schedule, to make a payment to shareholders shortly after the end of the second quarter, but it is not possible yet to confirm the final amount per share. This will be confirmed closer to the time of making the payment.
As previously advised, given the closure of the Fund it is not the Directors’ intention to pay trail commission to IFAs at the end of this quarter, but instead to retain the cash for the benefit of shareholders.
Further announcements will be made in due course.
Enquiries:
Ardel Fund Services Limited Alan Mahy
Phone: +44 1481 731094