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DJ Black Sea Property PLC Extension to the Existing Loan Facility


RNS Number : 7038N

Black Sea Property PLC

10 August 2017


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

Extension to the Existing Loan Facility

Further to the Company's announcement on 5 May 2017, Mamferay Holdings Limited (the "Lender") has agreed to an extension to the unsecured loan facility of GBP350,000 dated 29 January 2015 (the "Loan Facility"). The repayment date is now 30 September 2017 (the "Repayment Date"). To date, GBP100,000 has been drawn-down under this facility.

In addition, it has been agreed that the Company will draw-down a further EUR100,000, to fund the running costs of the Company whilst Black Sea Property is in discussions with third parties regarding financing for the acquisition of the office building at 1, Ivan Vazov Str, Sofia, Bulgaria. The interest payable on the total funds drawn-down (the "Loan") is calculated at 3 months' Euro Interbank Offered Rate plus 2.5% per annum.

Under the terms of the Loan Facility, the Lender has the option to decide whether the Loan is payable in full including all interest on the Repayment Date or the Loan can be converted into ordinary shares of the Company, the conversion price being the price per share to be determined by reference to the volume weighted average price for such shares on the five immediately preceding days on which trading took place on the NEX Growth Market.

As previously announced, the Lender is a wholly owned subsidiary of Phoenix Capital Holding JSC which owns 99.99% of the shares ofPhoenix Capital Management JSC, the Company's investment adviser and 28.65% shareholder of Black Sea Property.

The Directors of the issuer accept responsibility for the contents of this announcement.

For further information, please visit or contact the following:

 BLACK SEA PROPERTY PLC             +44(0) 774 702 
  Alex Borrelli - Chairman                    0600 
  NEX Corporate Adviser            +44 (0) 207 469 
  Heena Karani and Fungai Ndoro               0930 

This information is provided by RNS

The company news service from the London Stock Exchange



(END) Dow Jones Newswires

August 10, 2017 10:43 ET (14:43 GMT)