Issue of Equity
14/11/2008 11:24am
UK Regulatory
RNS Number : 1911I
Madara Bulgarian Property Fund
14 November 2008
14 November 2008
Madara Bulgarian Property Fund Limited
Issue of Equity
Madara Bulgarian Property Fund Limited ("Madara" or the "Fund") announces that application has been made for the admission to trading on
AIM of 1,401,602 new ordinary shares (the "Shares") of no par value each in the Company. The Shares will rank pari passu with the Company's
existing issued ordinary shares and dealings are expected to commence on 19 November 2008. Following admission of the Shares, the Company
will have 39,013,307 ordinary shares in issue.
Of the Shares, 293,244 were subscribed for in the Fund's recent equity issue and the balance have been issued to Madara Capital LLP
("Madara Capital"), the Fund's investment adviser, and certain of the Fund's creditors in lieu of accrued fees and remuneration for the
period to 31 December 2008. All the Shares have been issued at a price of EUR0.68 per Share compared to the price per ordinary share of the
Fund of EUR0.40 as at the close of business on 13 November 2008, being the latest business day prior to the date of this announcement.
Following the issue of Shares, the interests of Madara Capital and certain of the Fund's non-executive directors will be as follows: -
Total number of % held of the Fund's enlarged
Number of Shares ordinary shares held issued share capital
acquired
Name of holder
Madara Capital 992,647 2,292,647 5.9
Ivan Nenov 31,668 31,668 0.1
Michael Chase 25,745 25,745 0.1
Scott Perkins 8,824 8,824 0.1
Timothy Chadwick 8,591 8,591 0.1
In conjunction with the share issue, the directors of the Fund and Madara Capital have agreed to extend the fixed term of the investment
advisor's agreement until 31 December 2010, on the same terms as previously agreed, and, as a cash preservation measure, that the majority
of the monthly management fee payable by the Fund to Madara Capital will be deferred and will accrue until the earlier of 31 December 2010
or until the directors of the Fund deem fit.
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Enquiries:
Timothy Chadwick, Chairman +44 (0)20 7534 3338
Madara Bulgarian Property Fund Limited
Scott Perkins, Chief Executive +44 (0)20 7534 3338
Madara Capital LLP
Tom Griffiths / Paul Vanstone +44 (0) 20 7012 2000
Arbuthnot Securities Limited
This information is provided by RNS
The company news service from the London Stock Exchange
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