AIM-listed property investor European Convergance Development Company (ECDC) plans to to update its company registration to allow it to return capital to shareholders and buy back its shares. The company, which is managed UK-based investment manager Charlemagne Capital, said it plans to re-register as a company governed by the latest Isle of Man Companies Act.
AIM-listed property investor European Convergance Development Company (ECDC) plans to to update its company registration to allow it to return capital to shareholders and buy back its shares. The company, which is managed UK-based investment manager Charlemagne Capital, said it plans to re-register as a company governed by the latest Isle of Man Companies Act.
The firm is currently governed by the Isle of Man Companies Acts 1931-2004, and as such is unable to return capital to shareholders or to use non-distributable reserves to buy back shares. The re-registration under the Companies Act 2006 will remove these restrictions, ECDC said.
The company will hold an extraordinary general meeting on 3 March to approve the proposal.
