Black Sea Property PLC Holding(s) in Company (9308V)
February 03 2017 - 1:00AM
UK Regulatory
TIDMBSP
RNS Number : 9308V
Black Sea Property PLC
03 February 2017
BLACK SEA PROPERTY PLC
("Black Sea Property" or the "Company")
Holding(s) in Company
Black Sea Property has been notified that, following the sale of
certain assets by AG Capital Group ("AG Capital"), Mamferay
Holdings Limited ("Mamferay") is now a wholly owned subsidiary of
Phoenix Capital Holding Ltd ("Phoenix") which is a Bulgarian listed
company and a former subsidiary of AG Capital. Phoenix is 99% owned
by Lorraine Marketing Services Limited, a company incorporated in
Ras Al Khaimah, UAE, which is wholly owned by Mr Costas Andreas
Ioannou. Mamferay owns 104,814,581 ordinary shares in the Company
representing 28.65 per cent. of the Company's issued share
capital.
Mamferay remains bound by the Relationship Agreement and Orderly
Market Agreement entered into when the Company was admitted to
trading on the NEX Exchange Growth Market in August 2016.
AG Asset Management AD continues to be bound by the Investment
Advisory Agreement with the Company, However, the team of property
advisors, which was working with the Company will move to Phoenix
and the Company intends to assign the Investment Advisory Agreement
to Phoenix in due course.
On 29 January 2015, the Company entered into a loan agreement
with Mamferay for a facility of up to GBP350,000 (the "Loan"). To
date, only GBP100,000 of the Loan has been drawn down. Under the
terms of the supplemental loan agreement dated 3 June 2016, the
amount drawn down was repayable in full including all accrued
interest on 29 January 2017 and the Company is currently
negotiating the extension of the repayment period by one more
year.
The Directors of the issuer accept responsibility for the
contents of this announcement.
- END -
For further information, please visit
www.blackseapropertyplc.com or contact the following:
BLACK SEA PROPERTY PLC
Alex Borrelli, Chairman ` +44(0) 774 702 0600
PETERHOUSE CORPORATE FINANCE LIMITED
NEX Exchange Corporate Adviser and Broker
Heena Karani
Fungai Ndoro +44 (0) 20 7469 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
NEXEAPAAEADXEFF
(END) Dow Jones Newswires
February 03, 2017 02:00 ET (07:00 GMT)