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Madara BulgarianProp (MBF)

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Wednesday 23 December, 2009

Madara BulgarianProp

Result of General Meeting and

RNS Number : 6412E
Madara Bulgarian Property Fund
23 December 2009

23 December 2009 


 (the "Company")

Results of General Meeting and Rights Issue


Update on Cancellation of Listing

Result of General Meeting

The Company is pleased to announce that all the resolutions put to the Extraordinary General Meeting held earlier today were passed. 

Result of Rights Issue

The Board of the Company is pleased to announce that as at 5:00 pm. on 21 December 2009, being the latest time and date for acceptance of the Rights Issue, valid acceptances had been received in respect of 18,233,163 New Shares, representing approximately 76 per cent. of the total number of New Shares offered to Shareholders and representing proceeds of 911,658. The remaining New Shares may be allocated by the Company in accordance with the terms of the Rights Issue.

Update on Cancellation of Listing

An application has been made to the London Stock Exchange for the cancellation of admission to trading on AIM of the Company's Shares. Following the passing of Resolution 2 at the Extraordinary General Meeting, cancellation is expected to become effective at 7.00 a.m. on 6 January 2010.

The attention of Shareholders is drawn to the Company's circular dated 1 December 2009 which sets out the risks associated with retaining an interest in the Company following the Listing Cancellation becoming effective. In particular, it should be noted that there will be no market facility for dealing in the Shares and no price will be publicly quoted for the Shares as from the close of business on 5 January 2010. As such, liquidity in, and marketability of, the Shares will be very limited and holdings of Ordinary Shares will be difficult to value and to trade.

Whilst the Board believes that the Listing Cancellation is in the Company's and the Shareholders' best interests, it recognises that cancelling admission to trading on AIM will make it more difficult for Shareholders to trade their Shares subsequently as there will be no alternative trading arrangements put in place by the Company for such Shares.

If Shareholders wish to sell their Shares on AIM, they must do so prior to the Listing Cancellation becoming effective (such Listing Cancellation will occur no earlier than five clear business days after the EGM and it is expected that trading in the Shares on AIM will cease at the close of business on 5 January 2010, with Listing Cancellation becoming effective at 7.00 am on 6 January 2010).

Following the Listing Cancellation becoming effective, there will be no dealing facilities for the Shares. Transfers of Shares will be effected by submission of a duly executed transfer form to the Company.

A copy of the Company's Circular can be found on the Company's website at Terms used in this announcement have the same meaning as in the Company's announcement dated 1 December 2009.


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

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