Black Sea Property - Completion of Acquisition in ECDC Group
RNS Number : 0905E
Black Sea Property PLC
25 February 2020
 

 

BLACK SEA PROPERTY PLC

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

 

Completion of Acquisition of interests in ECDC Group

 

Further to the announcement made on 31 January 2020, Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has successfully completed the acquisition of 100% of European Convergence Development (Cayman) Limited ("ECD Cayman") and ECD Management (Cayman) Limited ("ECD Management"), both being subsidiaries of European Convergence Development Company PLC, Isle of Man ("ECDC"), including outstanding receivables of EUR 122,221,701 (a loan granted by ECDC to ECD Cayman).

 

The consideration paid for ECD Cayman and ECD Management and the outstanding receivables was EUR 3,582,639, to be satisfied from the Company's existing cash resources.

 

The Company has also signed agreements for the acquisition of 29.85% of ECDC at a price per share equal to the net asset value of the share which is expected to be EUR 0.00168. Completion of this acquisition will take place following distribution of dividends to the current shareholders of ECDC, which is estimated to be on or around 28 February 2020.

 

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

 

For further information, please visit www.blackseapropertyplc.com or contact the following:

 

 

BLACK SEA PROPERTY PLC

Alex Borrelli - Chairman

 

+44(0) 774 702 0600

PETERHOUSE CAPITAL LIMITED

NEX Corporate Adviser

Heena Karani and Duncan Vasey

+44 (0) 207 469 0930

 


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