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Madara BulgarianProp (MBF)

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Friday 14 November, 2008

Madara BulgarianProp

Issue of Equity

RNS Number : 1911I
Madara Bulgarian Property Fund
14 November 2008
 



14 November 2008


Madara Bulgarian Property Fund Limited 


Issue of Equity 


Madara Bulgarian Property Fund Limited ('Madara' or the 'Fund') announces that application has been made for the admission to trading on AIM of 1,401,602 new ordinary shares (the 'Shares') of no par value each in the Company. The Shares will rank pari passu with the Company's existing issued ordinary shares and dealings are expected to commence on 19 November 2008. Following admission of the Shares, the Company will have 39,013,307 ordinary shares in issue.


Of the Shares, 293,244 were subscribed for in the Fund's recent equity issue and the balance have been issued to Madara Capital LLP ('Madara Capital'), the Fund's investment adviser, and certain of the Fund's creditors in lieu of accrued fees and remuneration for the period to 31 December 2008. All the Shares have been issued at a price of EUR0.68 per Share compared to the price per ordinary share of the Fund of EUR0.40 as at the close of business on 13 November 2008, being the latest business day prior to the date of this announcement.


Following the issue of Shares, the interests of Madara Capital and certain of the Fund's non-executive directors will be as follows: -




Name of holder


Number of Shares acquired

Total number of ordinary shares held

% held of the Fund's enlarged issued share capital 

Madara Capital 

992,647

2,292,647

5.9

Ivan Nenov

31,668

31,668

0.1

Michael Chase

25,745

25,745

0.1

Scott Perkins

8,824

8,824

0.1

Timothy Chadwick

8,591

8,591

0.1


In conjunction with the share issue, the directors of the Fund and Madara Capital have agreed to extend the fixed term of the investment advisor's agreement until 31 December 2010, on the same terms as previously agreed, and, as a cash preservation measure, that the majority of the monthly management fee payable by the Fund to Madara Capital will be deferred and will accrue until the earlier of 31 December 2010 or until the directors of the Fund deem fit.  


END


Enquiries: 


Timothy Chadwick, Chairman                      +44 (0)20 7534 3338

Madara Bulgarian Property Fund Limited


Scott Perkins, Chief Executive                     +44 (0)20 7534 3338

Madara Capital LLP


Tom Griffiths / Paul Vanstone                       +44 (0) 20 7012 2000

Arbuthnot Securities Limited



This information is provided by RNS
The company news service from the London Stock Exchange
 
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