Skip to content

Black Sea Property - Issue of Loan Notes


Announcement provided by

Black Sea Property Plc · BSP

15/09/2023 14:58

Black Sea Property - Issue of Loan Notes
RNS Number : 6565M
Black Sea Property PLC
15 September 2023
 

15 September 2023

BLACK SEA PROPERTY PLC

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

 

Issue of Loan Notes to raise €4,437,000

 

Further to the announcement made on 30 August 2023, Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has raised an additional €4,437,000 through the issue of unsecured loan notes (the "Loan Notes") to certain existing shareholders.  

 

The proceeds of the issue of the Loan Notes have been used to pay a further tranche of the consideration for the Acquisition, as defined in the 21 July 2023 announcement. The balance of the consideration, amounting to €15,525,000, is due by the end of October 2023.

 

Terms of the Loan Notes

 

The Loan Notes are repayable on 31 December 2023 and interest will roll up and be repaid on the maturity of the Loan Notes (the "Repayment Date"). The interest payable on the Loan Notes is 3 months' Euro Interbank Offered Rate plus 2.5% per annum.

 

In the event that, prior to the Repayment Date, Black Sea Property undertakes an equity fundraise, then the holders of the Loan Notes have the right to either (i) convert their Loan Notes, together with all accrued interest, into ordinary shares in the Company (at a price per share to be determined by reference to the VWAP for the ordinary shares for the five immediately preceding days); or (ii) ask for repayment of the Loan Notes, provided the Company has sufficient funds to repay the Loan Notes at that time.

 

Related party transactions

 

Mamferay Holdings ("Mamferay"), which is interested in 24.81% of the Company's issued share capital, has subscribed for an additional €1,209,000 of the Loan Notes. The subscription by Mamferay is therefore a related party transaction for the purposes of the AQSE Growth Market Access Rulebook.

 

Neo London Capital PLC ("Neo"), which is interested in 28.41% of the Company's issued share capital, has subscribed for €3,228,000 of the Loan Notes. The subscription by Neo is therefore a related party transaction for the purposes of the AQSE Growth Market Access Rulebook.

 

The directors of the Company (excluding, in relation to the Mamferay subscription, Ventsislava Altanova and Miroslav Georgiev, who are also Directors of Mamferay), having exercised reasonable care, skill and diligence, consider that the issues of the Loan Notes to Mamferay and Neo are fair and reasonable as far as the shareholders of BSP are concerned.

 

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

 

BLACK SEA PROPERTY PLC

Simon Hudd -  Chairman

 

+44 (0) 7568 605330

PETERHOUSE CAPITAL LIMITED

Aquis Corporate Adviser

Heena Karani and Duncan Vasey

+44 (0) 207 469 0930

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXGPURABUPWGWA ]]>

View more ...

BSP announcementsAll announcements

Company

  • About
  • News
  • Investor Relations
  • Contact
  • Careers

© Aquis Exchange 2024. All rights reserved.

Terms & ConditionsPrivacy PolicyModern Slavery & Human Trafficking Policy
System statusnormal