Bulgarian Property Developments to raise 35 million pounds for new investments

Dec 21, 2005 - Dnevnik

Bulgarian Property Developments PLC has announced proposals to raise 35 million pounds, before expenses, through a placing of 63,636,363 new ordinary shares at 55 pence per share which have been conditionally placed with institutional and other investors, RNS reported on Tuesday, December 20. The placing is conditional upon shareholder approval at the company's extraordinary general meeting to be held on 16 January 2006. The placing shares will represent approximately 87% of the company's enlarged issued share capital immediately following the placing, said the RNS.

Subject to the placing becoming unconditional, it is anticipated that dealings in the placing shares will commence on or around 17 January 2006, said the RNS.

Since the company's admission to AIM in January 2005, it has successfully assembled, through 33 transactions, a property portfolio in Bulgaria comprising six main sites. Five of these sites are strategically located in Sofia and suitable for commercial development. The remaining site is in Bansko, one of the country's most popular ski resorts, which the Company intends to use for residential development. Following the acquisition of these properties, the Company is now effectively fully invested, said the RNS.

Lewis Charles Sofia Property Fund and Bulgarian Property Developments and are the other 2 AIM-listed funds created for investment in Bulgaria's property market.