AIM-listed company Carpathian has appointed Hawkpoint Partners to assist it in undertaking a strategic review of the company.

The company which invests in central and eastern Europe said the financial advisor would help the board 'consider alternatives available to the company to maximise value for shareholders, including a possible sale of the whole company. At a time when Carpathian's shares trade at a significant discount to the published net asset value of the group.'

It said the review is at a very preliminary stage and the board will update shareholders as soon as it is appropriate to do so.

Carpathian today also appointed Collins Stewart Europe as its nominated adviser and sole broker with immediate effect.

In August this year Carpathian, which changed its name fron Dawnay Day Carpathian to distance itself from the troubled property and financial services empire of entrepreneurs Peter Klimt and Guy Nagger said it would seek a senior listing on the London Stock Exchange by the end of the year.

Carpathian shares this morning were up 21% trading at 28p up from 22p.