Reconstruction Capital II : RC2 – NAV writedown

Reconstruction Capital II has announced that “Due to a recent severe deterioration in the financial condition of East Point Holdings Limited” it is planning to write down the value of their holding in this company from €6.7m to zero. The value of the whole company at the end of November 2013 was €39.3m so the East Point write down will have a material adverse affect on the end December NAV. RC2 say that, at the moment, the write down in the value of East Point Holdings is not expected to have an impact on RC2’s valuation of the loan it has made to an East point subsidiary, Klas (a bakery).

There is no more information in the statement about what triggered the write down but shareholders can contact the manager, Ion Florescu, on +44 20 7244 0088 or +40 21 3167680

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