TIDMBSP
RNS Number : 6816S
Black Sea Property PLC
07 November 2023
7 November 2023
BLACK SEA PROPERTY PLC
("Black Sea Property", "BSP" or the "Company")
Completion of the Acquisition of Grand Hotel Varna
EUR 21.1 million fundraise
Acquisition of a majority stake in Littoral Invest EAD
Highlights:
- Completion of the acquisition of Grand Hotel Varna, including
three hotels and a beach marina resort on the Black Sea coast.
- EUR 21.1 million fundraising, with EUR 10.8 million raised
through a placing of new ordinary shares (the "Placing") at a price
of EUR 0.016 per share (the "Placing Price") and through the
issuance of EUR 10.8 million of unsecured loan notes ("Loan
Notes");
- Placing Price equivalent to the Company's last stated NAV per share;
- Acquisition of a majority stake in Littoral Invest EAD, which
holds a portfolio of assets, also in Varna.
- Total of EUR 33.1 million raised from new and existing investors since July 2023.
Completion of Acquisition and Fundraise
Black Sea Property PLC, the Bulgarian real estate investment
company, is pleased to announce that it has completed the
acquisition of a 98.27% interest in Grand Hotel Varna, originally
announced in July 2023. In addition, the Company announces that it
has raised an additional EUR 21.1 million through the issue of EUR
10.8 million of Loan Notes and a placing of 645,000,000 new
ordinary shares of nil par value in the Company ("Ordinary Shares";
the "Placing Shares") at the Placing Price, raising EUR 10.32
million. The Placing Price is based on the Company's NAV as at 30
June 2023.
The Loan Notes have been issued on the same terms as the Loan
Notes issued in August 2023 and September 2023 (the "Initial Loan
Notes") The holders of the Initial Loan Notes have agreed to extend
the repayment dates on those notes to 30 June 2024 and to waive
their rights to either convert the Initial Loan Notes, or to seek
their repayment, on completion of the Placing.
Acquisition of a majority stake in Littoral Invest EAD
Black Sea Property is also pleased to announce an investment of
EUR 4.5 million in Littoral Invest EAD ("Littoral Invest"),
following which the Company is interested in 99.4% of Littoral
Invest's enlarged share capital.
Littoral Invest is the sole owner of Lazuren Bryag 91 EOOD,
which owns a number of prime assets in Varna, including beachfront
properties and cultural monuments. The property assests of Littoral
Invest have been independently valued at EUR 6.071 million.
Littoral Invest has total liabilities amounting to EUR 5.170
million.
The funds invested in Littoral Invest were utilised to acquire a
16.23% stake in Grand Hotel Varna AD alongside Black Sea
Property.
The total consideration paid for Grand Hotel Varna was EUR 28.05
million. Black Sea Property and Littoral Invest now jointly own
98.27% of Grand Hotel Varna AD. The Company has raised a total of
EUR 33.1 million in connection with the acquisition of Grand Hotel
Varna since July 2023.
Simon Hudd, Chairman of Black Sea Property, stated, "We are
delighted to have acquired these high quality assets in Varna,
which significantly expands BSP's presence on the Black Sea Coast.
We are also proud to have received such strong fundraising support
from new and existing investors."
Application for Admission, Total Voting Rights and Holding in
Company
Application will be made for the 645,000,000 Placing Shares to
be admitted to trading on the Aquis Stock Exchange Growth Market
("Admission"). Admission is expected to become effective on or
around 10 November 2023.
On Admission, the Company will have 2,458,323,603 ordinary
shares in issue, each share carrying the right to one vote.
This figure of 2,458,323,603 Ordinary Shares may be used by
shareholders as the denominator for calculations by which they will
determine if they are required to notify their interest in the
Company, or a change to their interest in the Company, under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
On Admission, Elea Capital Holding JSC will be interested in
645,000,000 Ordinary Shares, representing 26.24% of the Company's
issued share capital as enlarged by the Placing.
The Directors of the issuer accept responsibility for the
contents of this announcement.
For further information, please visit
www.blackseapropertyplc.com or contact the following:
BLACK SEA PROPERTY PLC
Simon Hudd - Chairman +44(0) 774 702 0600
PETERHOUSE CAPITAL LIMITED
Aquis Corporate Adviser
Heena Karani and Duncan Vasey +44 (0) 207 469 0930
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END
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November 07, 2023 08:47 ET (13:47 GMT)
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