Black Sea Property - Cash Placing & Debt to Equity Conversion
RNS Number : 4290Z
Black Sea Property PLC
10 January 2020


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


€4.7m Cash Placing and

 €1.4m Debt to Equity Conversion.


Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that Peterhouse Capital Limited has raised EUR 4,785,682 before expenses for the Company, through a placement of 435,061,980 new ordinary shares of nil par value (the "Placing Shares") at a price of EUR 0.011 per Ordinary Share (the "Placing"). The Placing has been undertaken with existing and new investors in the Company.


It is expected that the Placing will become effective, and the Placing Shares issued, following full receipt of placee funds, on 20 January 2020.

The Directors intend to use the net funds from the Placing for further development of the Company's real estate portfolio, to make investments in line with the stated investment strategy that may be identified and for working capital purposes.


In addition to the Cash Placing, outlined above, Mamferay Holdings Limited ("Mamferay") has agreed to convert all its outstanding loans being EUR 1,397,391 including interest, into 127,035,545 ordinary shares at EUR 0.011 per share (the "Loan Shares"). Mamferay is a wholly owned subsidiary of Phoenix Capital Holding JSC which owns 79.99% of the shares of Phoenix Capital Management JSC, the Company's investment adviser. Ventsislava Blagoeva Altanova and Miroslav Rosenov Georgiev are both directors of Black Sea Property and Phoenix Capital Holding JSC.


On completion of the Placing and the issue of the Loan Shares on 20 January 2020, 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                           539,457,561                                                        29.45


Neo London                       515,126,806                                                        28.13


Compass Capital               322,536,000                                                       17.61


Capman AM                       36,000,000                                                          5.02


Following the issue of the Placing Shares and the Loan Shares, the Company will have 1,831,505,421 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.


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 and Duncan Vasey

+44 (0) 207 469 0930





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