Black Sea Property - Completion of EUR5.4m Equity Fundraise
RNS Number : 4305S
Black Sea Property PLC
02 October 2017



("Black Sea Property" or the "Company")


Completion of €5.4m Equity Fundraise


Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has raised EUR 5,400,000 before expenses through a placement of 540,000,000 new ordinary shares of nil par value ("Ordinary Shares") at a price of EUR 0.01 per Ordinary Share, via Peterhouse Corporate Finance Limited (the "Equity Funding"). The Equity Funding has been undertaken with existing and new investors in the Company.


In addition, the Company is also in negotiations with UniCredit Bulbank AD ("UniCredit") regarding debt funding of EUR 7,000,000 ("Debt Funding"). The Equity and Debt Funding will be mainly used for the acquisition of the office building at 1, Ivan Vazov Street, Sofia (the "Acquisition") from UniCredit Bulbank AD ("UniCredit"). As previously announced, the total consideration for the Acquisition is EUR 10,520,000, of which the deposit of EUR 1,043,000 has been paid to date and will be reimbursed upon completion of the Acquisition (the "Deposit"). Any remaining funds will be used for working capital purposes.


The Directors of the Company have resolved to issue Peterhouse Corporate Finance Limited 10,800,000 new Ordinary Shares at a price of EUR 0.01 per Ordinary Share in lieu of commission for the Equity Funding (the "Commission Shares").


On completion of the Equity Funding and the issue of the Commission Shares, the Company is aware of the following disclosable interests in the share capital of the Company:


Name                                   Ordinary Shares               Percentage interest in enlarged Equity                                                                                                issued share capital


Mamferay Holdings        269,814,581                        29.44


Compass Capital JSC       217,936,000                        23.78


Neo London                       160,000,000                         17.46


Nomokanon-2000            106,126,806                         11.58


Following the issue of the new Ordinary Shares, the Company will have 916,607,896 Ordinary Shares in issue, which also represents the total number of voting rights in the Company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Further to the Company's announcement on 10 August 2017, Mamferay Holdings Limited (the "Lender") has agreed to an extension to the unsecured loan facility of £350,000 of which GBP 100,000 and EUR 100,000 has been drawn-down to date. The repayment date is now 31 October 2017.


The Directors of the issuer accept responsibility for the contents of this announcement.


For further information, please visit or contact the following:




Alex Borrelli -  Chairman


+44(0) 774 702 0600


NEX Corporate Adviser

Heena Karani, Fungai Ndoro and Duncan Vasey

+44 (0) 207 469 0930



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