Admission to AIM

RNS Number:5137Y
Madara Bulgarian Property Fund
18 June 2007





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                               Canada, Australia,
                        the Republic of Ireland or Japan


                                  18 June 2007


                         Madara Bulgarian Property Fund
                            ("Madara" / the "Fund")


                   Admission to AIM and First Day of Dealings



Madara Bulgarian Property Fund Limited ('Madara', the 'Fund') a
Jersey-incorporated closed ended investment fund focused on real estate
development in Bulgaria, today announces the admission of its ordinary shares to
trading on AIM and commencement of dealings. The NAV of the Fund on Admission is
approximately Euro52 million based on an NAV per share of Euro1.39 (see note below for
assumptions). No new money is being raised on Admission.


The Investment Adviser to the Fund is Madara Capital LLP ('Madara Capital'), a
limited liability partnership incorporated in England. The directors of the
Investment Adviser have over 35 years' collective experience in property
development, the international construction industry and conducting business in
Bulgaria.


The Fund's purpose is primarily to acquire and develop land in prime coastal,
mountain resort or city locations. The Fund has been building a portfolio of
land for the past 18 months and is now reaching a stage where development can
begin. The Fund's investment objective is to generate total returns for
shareholders, primarily through appreciation in the capital value of its
development projects, but also with the potential for dividends over the medium
and long-term.


The directors of Madara are Timothy Chadwick (Chairman), Nigel Le Quesne, Philip
Burgin, Stephen Burnett, Mark Smith, Ivan Nenov and Scott Perkins.


Scott Perkins, chief executive of Madara Capital and director of Madara
Bulgarian Property Fund, commented: "We are delighted to be listed on AIM. The
listing will make Madara's shares available to a broader range of investors and
give the Fund access to greater resources to support future acquisition of land
and its development. We are fully invested with a healthy pipeline of current
and forthcoming green-field projects and anticipate raising additional equity
capital in the medium term so as to take advantage of these opportunities."


Arbuthnot Securities is acting as nominated adviser and broker to Madara.


Key statistics
Number of Ordinary Shares in issue on Admission                     37,601,705
Adjusted NAV per Ordinary Share as at 30 April 2007#                     Euro1.36
Further Adjusted NAV per Ordinary Share as at 30 April 2007#             Euro1.39
AIM ticker                                                                 MBF
ISIN                                                              JE00B1VN4914

#See Admission Document for full disclosure. Adjusted/Further Adjusted NAVs are
based on audited financial information as at 30 November 2006, adjusted for the
subsequent acquisition and revaluation of land at Byala and for the subsequent
agreement for the purchase and revaluation of land at Borovets. Note these
valuations are subject to a number of Special Assumptions by the Fund's valuer,
Savills, more fully detailed in the Admission Document.


For further information

Scott Perkins, 
Chief Executive        Madara Capital LLP            [phone]

Tom Griffiths          Arbuthnot Securities Limited  [phone]
Richard Wood

Jonathan Gollins       M: Communications             [phone]/69
Marylene Guernier



Notes to editors


Madara Bulgarian Property Fund Limited


Madara Bulgarian Property Fund Limited is a Jersey incorporated, limited
liability, closed ended investment fund established in April 2006 to invest in
Bulgarian land and its development. The Fund has special purpose subsidiary
companies in Bulgaria held via a Maltese holding company to ensure an optimally
tax-efficient structure. As well as holiday accommodation in coastal and ski
resorts and city locations, the Fund's projects are expected to include
commercial property and infrastructure.


Madara Capital LLP


Madara Capital LLP, the Investment Adviser to the Madara Bulgarian Property
Fund, is a privately owned LLP registered in the UK. Madara Capitalis owned by
its founding directors, by RAB Special Situations (Master) Fund Limited and by
Eddie Jordan. Madara Capital's four executive principals comprise both UK and
Bulgarian resident nationals who collectively have over 35 years real estate
related experience in Bulgaria. There are three non-executive principals, all of
whom are Bulgarian nationals and residents and who act in an advisory capacity
to Madara Capital, providing additional contacts and experience gained within
the local real estate market and within the Bulgarian government.


www.madaracapital.com




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

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