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Black Sea Property keen to start investing again

Black Sea Property has sent its shareholders a circular to convene an extraordinary general meeting at which it wants them to approve proposals to recommence investment activities in the residential real estate, holiday homes, commercial real estate and distressed real estate markets of Bulgaria, to adopt a new investing policy, appoint a new investment advisor, extend the life of the Company and raise funds as soon as practically possible to invest the Company’s resources in the Bulgarian real estate market, subject to the approval of the Jersey Financial Services Commission.

If shareholders don’t fancy this, they have the option to vote for the Company cancelling the admission of its shares to AIM and the winding up of the Company.

Black Sea had liquidated all of its portfolio and, at the date of the last interim report on 30 September 2014, the only thing it held was cash to meet the Company’s remaining obligations and pay for its liquidation. However the company’s shareholder base changed and they wanted to start investing again. The Chairman pointed out in the interim report that most of the current board, their Bulgarian staff, administrator and Nomad would not be involved in this possible reincarnation of Black Sea.

 

BKSA : Black Sea Property keen to start investing again

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