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DJ Black Sea Property PLC Cash Placing & Debt to Equity Conversion

TIDMBSP

RNS Number : 4290Z

Black Sea Property PLC

10 January 2020

BLACK SEA PROPERTY PLC

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

EUR4.7m Cash Placing and

EUR1.4m 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 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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END

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(END) Dow Jones Newswires

January 10, 2020 04:19 ET (09:19 GMT)