BLACK SEA PROPERTY PLC
("Black Sea Property" or the "Company")
Business and Covid-19 Update
Black Sea Property PLC, the Bulgarian real estate investment company, issues the following update on Camping Gradina and the Unicredit Building:
· Camping Gradina
The impact of the closure of all non-essential businesses in Bulgaria from 13 March 2020 to combat the spread of the corona virus has had a material effect on occupancy at Camping Gradina. The Bulgarian government lifted this state of emergency on 13 May 2020 and immediately replaced it with an "extraordinary epidemic situation". Although internal travel is now permitted, strict regulations in the hospitality segment have to be followed. The seaside beaches have been opened since 1 June 2020 and the holiday summer season is expected to start at the beginning of July. However, it is not expected that occupancy levels which were achieved in 2019, will be repeated this year as Bulgarians are still advised to refrain from non-essential travel.
The Company is in the process of renegotiating the payment plans of its credit facilities.
· Unicredit Building
The Company is in the process of renegotiation with Unicredit Bulbank for an extension of the credit repayment period by 12 months.
The Company is not able to fully assess the impact of the current restrictions on the results for the current financial year, as it is still uncertain for how long this disruption will continue and the ongoing effect these issues will have on consumer demand in the short and medium term particularly for the Camp Site. The Board is taking prudent steps to mitigate and manage its cashflow and cost base and is confident that the business is well equipped to withstand this near-term uncertainty. The Board will provide further updates in this regard at the time of releasing the audited results for the year ended 31 December 2019.
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