BPD Bulgarian Prop.

RNS Number:4373L
Windsorville Investments Ltd.
09 January 2008

Windsorville Investments Ltd.

9 January 2008

FOR IMMEDIATE RELEASE

Cash Offer

by

Windsorville Investments Ltd. ("Windsorville")

for

Bulgarian Property Developments Plc ("BPD")

Windsorville notes the publication on 7 January 2008 of BPD's response to the
cash offer by Windsorville (the "Offer"). Windsorville believes that:

*         the Offer represents an attractive opportunity for BPD's shareholders
to benefit from an immediate and full cash exit at a significant premium to
BPD's average share price during the period prior to the commencement of the
offer period - since the start of the Offer Period the ABN Amro Eastern European
Top 20 Property Index (price return) has fallen by 15.5% (Source: Bloomberg);

*         the recent increase in BPD's share price relates directly to the Offer
itself and the market speculation that surrounded the Offer prior to it being
formally announced. In the current market environment, many listed property
companies are trading at significant discounts to their stated net asset values.
BPD shareholders should consider whether the share price would be maintained at
its current level in the absence of the Offer;

*         the property valuations quoted by BPD in its response do not appear to
take into account any property management fees that would be payable. These fees
would affect the potential upside to BPD shareholders from any increase in asset
values;

*         the return of capital proposed by BPD simply gives back to
shareholders the proceeds raised (at a significant cost) in its share placing in
July 2007, rather than investing it to generate returns to shareholders as
initially intended; and

*         the amount and timing of the return of capital suggested by BPD is not
certain, is dependent on a number of factors, including the successful sale of
certain properties and potentially a 75% shareholder vote (in relation to which
Windsorville as a 25.9% shareholder will make its decision at the appropriate
time), and provides significantly less ready cash proceeds than the Windsorville
Offer.

BPD shareholders should ask whether they are willing to accept the risks
associated with continuing to remain a shareholder of BPD or whether they would
prefer the certainty of the immediate cash proceeds being offered by
Windsorville.

The Offer by Windsorville is final and will not be revised or increased in any
circumstances. In addition, the Offer will not be extended beyond this date
unless it becomes or is declared unconditional as to acceptances (*).

Therefore, to accept the Offer and receive a certain 64 pence in cash for each
BPD Share, BPD shareholders must ensure that their acceptances are received by
no later than 3.00p.m. (London time) on 18 January 2008.

(*) If a competitive situation arises after the "no extension" statement (as
referred to in the Code) that Windsorville has made in connection with the Offer
by way of the Offer Document, Windsorville has reserved the right (with the
consent of the Panel) to choose not to be bound by or to withdraw the "no
extension" statement and be free to extend the Offer provided it complies with
the requirements of the Code and in particular that:

(i)                   it announces the withdrawal of such statement as soon as
possible and in any event within four business days of the firm announcement of
the competing offer;

(ii)                 it notifies Bulgarian Property Developments Shareholders to
that effect in writing at the earliest opportunity or, in the case of Bulgarian
Property Developments Shareholders with registered addresses outside the United
Kingdom or whom Windsorville knows to be nominees, custodians or trustees
holding Bulgarian Property Developments Shares for such persons, by announcement
in the United Kingdom at the earliest opportunity; and

(iii)                any Bulgarian Property Developments Shareholder who
accepted the Offer after the date of the "no extension" statement is given a
right of withdrawal in accordance with paragraph 3(c) of Part B of the Offer
Document.





ENQUIRIES

Citi (Financial Adviser to Windsorville)                   +44 (0)20 7986 4000

Ian Hart
Grant Kernaghan



Citi, which is authorised and regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively as financial adviser to Windsorville
and no one else in connection with the Offer and this announcement and will not
be responsible to anyone other than Windsorville for providing the protections
afforded to clients of Citi nor for providing advice in connection with the
Offer or this announcement or any matter referred to herein.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any
person is, or becomes, "interested" (directly or indirectly) in one per cent. or
more of any class of "relevant securities" of Bulgarian Property Developments,
all "dealings" in any such "relevant securities" (including by means of an
option in respect of, or a derivative referenced to, any such "relevant
securities") must be publicly disclosed by no later than 3.30 pm (London time)
on the London business day following the date of the relevant transaction. This
requirement will continue until the date on which the Offer becomes, or is
declared, unconditional as to acceptances, lapses or is otherwise withdrawn or
on which the "offer period" otherwise ends. If two or more persons act together
pursuant to an agreement or understanding, whether formal or informal, to
acquire an "interest" in "relevant securities" of Bulgarian Property
Developments, they will be deemed to be a single person for the purpose of Rule
8.3. Under the provisions of Rule 8.1 of the Code, all "dealings " in "relevant
securities" of Bulgarian Property Developments by Windsorville or by Bulgarian
Property Developments, or by any of their respective "associates", must be
disclosed by no later than 12.00 noon (London time) on the London business day
following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk . "Interests in securities" arise, in summary, when
a person has long economic exposure, whether conditional or absolute, to changes
in the price of securities. In particular, a person will be treated as having an
"interest" by virtue of the ownership or control of securities, or by virtue of
any option in respect of, or derivative referenced to, securities. Terms in
quotation marks are defined in the Code, which can also be found on the Panel's
website. If you are in any doubt as to whether or not you are required to
disclose a "dealing" under Rule 8, you should consult the Panel.








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