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Black Sea Prop Fund (BKSA)


Tuesday 24 December, 2013

Black Sea Prop Fund

Evergreen Sale

RNS Number : 2891W
Black Sea Property Fund Limited
24 December 2013

24 December 2013


The Black Sea Property Fund Limited

Evergreen Sale

The Black Sea Property Fund announces that it has entered into a binding agreement to sell its Chorno More subsidiary for €1.25 million in cash to Garitage Investments and has received a 10% down payment.  The Chorno More subsidiary holds the "Evergreen" land parcel located in Sofia's Dolna Malina district.   The sale price is at approximately a 17% premium to Evergreen's book value as at 30 June 2013.  Sale proceeds will be returned to shareholders in accordance with Black Sea's announced policy of selling assets and returning excess cash to shareholders.

The transaction is subject to certain conditions with completion is expected during January.



James Maxwell / Nick Donovan

Nplus1 Singer Advisory LLP (Nominated Adviser)

+44 (0) 207 496 3000

SJ Secretaries Limited

Company Secretary

+44 (0) 1534 850 750


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