Black Sea Property PLC Holding(s) in Company (9308V)

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.

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For further information, please visit www.blackseapropertyplc.com or contact the following:

BLACK SEA PROPERTY PLC

Alex Borrelli, Chairman ` [phone]

PETERHOUSE CORPORATE FINANCE LIMITED

NEX Exchange Corporate Adviser and Broker

Heena Karani

Fungai Ndoro [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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February 03, 2017 02:00 ET (07:00 GMT)