Result of General Meeting and Rights Issue

 

TIDMMBF 
 
RNS Number : 6412E 
Madara Bulgarian Property Fund 
23 December 2009 
 

23 December 2009 
 
 
MADARA BULGARIAN PROPERTY FUND LTD. 
 (the "Company") 
 
 
Results of General Meeting and Rights Issue 
and 
Update on Cancellation of Listing 
 
 
Result of General Meeting 
 
 
The Company is pleased to announce that all the resolutions put to the 
Extraordinary General Meeting held earlier today were passed. 
 
 
Result of Rights Issue 
 
 
The Board of the Company is pleased to announce that as at 5:00 pm. on 21 
December 2009, being the latest time and date for acceptance of the Rights 
Issue, valid acceptances had been received in respect of 18,233,163 New Shares, 
representing approximately 76 per cent. of the total number of New Shares 
offered to Shareholders and representing proceeds of EUR911,658. The remaining New 
Shares may be allocated by the Company in accordance with the terms of the 
Rights Issue. 
 
 
Update on Cancellation of Listing 
 
 
An application has been made to the London Stock Exchange for the cancellation 
of admission to trading on AIM of the Company's Shares. Following the passing of 
Resolution 2 at the Extraordinary General Meeting, cancellation is expected to 
become effective at 7.00 a.m. on 6 January 2010. 
 
 
The attention of Shareholders is drawn to the Company's circular dated 1 
December 2009 which sets out the risks associated with retaining an interest in 
the Company following the Listing Cancellation becoming effective. In 
particular, it should be noted that there will be no market facility for dealing 
in the Shares and no price will be publicly quoted for the Shares as from the 
close of business on 5 January 2010. As such, liquidity in, and marketability 
of, the Shares will be very limited and holdings of Ordinary Shares will be 
difficult to value and to trade. 
 
 
Whilst the Board believes that the Listing Cancellation is in the Company's and 
the Shareholders' best interests, it recognises that cancelling admission to 
trading on AIM will make it more difficult for Shareholders to trade their 
Shares subsequently as there will be no alternative trading arrangements put in 
place by the Company for such Shares. 
 
 
If Shareholders wish to sell their Shares on AIM, they must do so prior to the 
Listing Cancellation becoming effective (such Listing Cancellation will occur no 
earlier than five clear business days after the EGM and it is expected that 
trading in the Shares on AIM will cease at the close of business on 5 January 
2010, with Listing Cancellation becoming effective at 7.00 am on 6 January 
2010). 
 
 
Following the Listing Cancellation becoming effective, there will be no dealing 
facilities for the Shares. Transfers of Shares will be effected by submission of 
a duly executed transfer form to the Company. 
 
 
A copy of the Company's Circular can be found on the Company's website at 
www.madarafund.com. Terms used in this announcement have the same meaning as in 
the Company's announcement dated 1 December 2009. 
 
 
 
 
END 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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