Black Sea Property Fund Share Discussion Threads

[bbr391] 15/2/2018 22:09

Today`d mid 0.013 .

MCAP 5.3million Euro

Future remains positive.

Best of luck All

[bbr391] 22/10/2016 10:04

03/09/16
Black Sea Property plc
Well it`s all very confusing a Market Cap of £4.5 million .
Not quite sure as to the actual share price though .Possibly 1.258 euro cents .or 0.125 ???
All very illuminating not .

And May


Well it began at the high of £3 million plus and has fallen back to a nice £1 .

It is a bargain at today`s level ,trading on ISDX .

In an staying in my portfolio for sometime.

Good luck All

And May

[bbr391] 03/9/2016 07:41

03/09/16
Black Sea Property plc
Well it`s all very confusing a Market Cap of £4.5 million .
Not quite sure as to the actual share price though .Possibly 1.258 euro cents .or 0.125 ???
All very illuminating not .

And May

[aries2000] 22/6/2015 06:53

Here is to a good week.News anytime hoop hoop

[aries2000] 18/6/2015 07:57

New Strategy

The Board believes that there are opportunities for investment in the residential real estate, holiday homes, commercial real estate and distressed real estate markets of Bulgaria. The Board therefore intends to write to shareholders shortly to seek approval to adopt a new investing policy, extend the life of the Company and to raise funds as soon as practically possible to invest the Company's resources in the Bulgarian real estate market, subject to the approval of the Jersey Financial Services Commission.



Following on from adopting the new investing policy, the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover or otherwise implement its new investing policy by 16 July 2015, being 12 months after the disposal of the last of its assets, failing which the Company's shares would then be suspended from trading on AIM. If the new investing policy has not been implemented within 6 months of the suspension, the admission to trading on AIM of the Company's shares would be cancelled and the Board will convene a general meeting of the shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back to shareholders.

[aries2000] 17/6/2015 09:08

Now they have this.

Black Sea Prop Fund
Regulatory Approval
RNS Number : 0643O
Black Sea Property Fund Limited
22 May 2015





The Black Sea Property Fund Limited

("Black Sea" or the "Company")



Regulatory Approval



The Company is pleased to announce that it has received the approval of the Jersey Financial Services Commission for its proposals to amend its investing policy in order to invest the Company's resources in the Bulgarian real estate market in accordance with the new investing policy as set out in the circular to Shareholders dated 13 March 2015, and intends to raise investment funds as soon as practicable by means of debt and/or the issue of equity.



For further information please contact:

The Black Sea Property Fund Limited

Alex Borrelli, Chairman

[aries2000] 17/6/2015 09:02

This is why am excited.

18 November 2014

Black Sea Property Fund Limited

("Black Sea" or the "Company")

Extraordinary General Meeting Requisition and Posting of Circular

Further to the announcement made on 30 October 2014 disclosing that the Company had received a requisition from Fitel Nominees Limited seeking to requisition an extraordinary general meeting of the Company for the purpose of considering resolutions to remove three of the four Company directors and in their place appoint two new directors, the Company announces today that it has posted a Circular to Shareholders to convene an Extraordinary General Meeting which is to be held at 1 Waverley Place, Union Street, St. Helier, Jersey, JE1 1SG Channel Islands at 10.00 a.m. on 12th December 2014.
Chairman's Letter
Dear Shareholders,

Fitel Nominees, the registered holder of 28.6 per cent of the Company's ordinary shares has requisitioned an extraordinary general meeting of the Company to remove three of the four Company directors and in their place appoint Trevor Hunt and Alexander Borrelli as new directors. If the requisition is successful the board would then comprise Messrs Hunt and Borrelli as well as Anthony Gardner-Hillman, who is a current Company director. Fitel Nominees is the nominee for Mamferay Holdings Limited, a Cypriot entity, which we are informed is entirely owned by AG Capital, a Bulgarian entity.

As shareholders will know, the Company had a limited lifespan and a limited objective. It has been in what would commonly be called liquidation since 2012 and this past June sold its last remaining property asset, Borovets. Following a final cash distribution in August 2014 and in accordance with the shareholder vote in 2012, the Black Sea board expected to cancel the Company's admission on AIM and to wind up the Company following a shareholder vote. Shareholders should note that at the same time as the final cash distribution, the Company became an investing company under Rule 15 of the AIM Rules for the Companies. As an investing company under Rule 15, Black Sea would be required to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement an investing policy approved at general meeting to the satisfaction of the London Stock Exchange within twelve months of becoming an AIM Rule 15 investing company. If this were not fulfilled, the Company would be suspended pursuant to AIM Rule 40.

AG Capital, which had acquired in excess of 28 per cent of the Company's shares this past Spring (a holding sufficient to block the AIM cancellation and wind up process) informed us that it opposed the resolution to wind up the Company and instead wanted the Company to continue in business and to retain its AIM quotation. At a later date we were approached by Peterhouse Corporate Finance on behalf of AG Capital with an alternative proposal to recommence investing in Bulgarian property assets (with AG Capital as a proposed new investment manager) under a new investing policy and to remain quoted on the AIM Market.

Over the last few months there has been a lot of back and forth with AG Capital and Peterhouse as well as the Jersey regulator concerning the future of Black Sea. Most recently, in a letter dated 30 October 2014, the Company asked Fitel Nominees to confirm on whose behalf the requisition was being made and whether it wished any supplementary details to be sent to shareholders for them to consider. The only response was confirmation that the shares were held on behalf of Mamferay Holdings Limited. A further suggestion to Peterhouse that they deliver an explanation of AG Capital's intentions (as had been provided in the earlier back and forth) was ignored. The Company and its advisors consequently have no verifiable information about AG Capital's track record as a fiduciary or how it would implement any reinvestment strategy.

AG Capital has described itself as the manager for Bulgarian Land Development or "BLD," an AIM quoted Isle of Man company that was floated in 2006 and delisted in 2010. BLD's website does not appear to be current and that company's last published financial statements are for the year ended 2012. Given the opaque nature of the various events preceding this requisition, three of the four Black Sea board members, administrator and lawyers have decided not to participate in any new strategy under the aegis of AG Capital and have indicated an intention to resign regardless of the outcome of this requisition. In addition, the Company's nominated adviser and broker indicated its intention to resign with effect from the earlier of the date that both Stephen Coe and I cease to be directors of Black Sea and the date of any delisting from AIM. Although it is understood that a replacement nominated adviser will be appointed at the same time as the current nominated adviser steps down, shareholders should note the Company's shares will be suspended pursuant to AIM Rule 1 if a replacement nominated adviser has not been appointed at that time, and will continue to be suspended until such time as the new nominated adviser's appointment has been announced. Furthermore, if within one month of the Company's suspension it still has not appointed a replacement nominated adviser, the admission of the Company's securities will be cancelled from AIM.

Following receipt of the Fitel requisition notice, the Black Sea board constituted a Special Committee of disinterested directors to consider the requisition notice. The Special Committee comprises Stephen Coe, Andrew Wignall and me. Because the Special Committee has not received any information about the future proposals of AG Capital as part of this requisition it recommends that shareholders do not support the requisition.

Very truly yours,

John D. Chapman
Chairman
The Black Sea Property Fund Limited
Terms not defined in this announcement shall have the same meaning as in the Circular.
Copies of the Circular can be obtained in hard copy form free of charge from the Company's registered office, 1 Waverley Place, Union Street, St Helier, Jersey, JE1 1SG, Channel Islands and will shortly be available on the Company's website hxxp://www.blackseapropertyfund.com/.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on such website (or any other website) is incorporated into, or forms part of, this announcement.
Enquiries:

[aries2000] 17/6/2015 08:57

Not some pump and dump stuff going on on aim.

[aries2000] 17/6/2015 08:56

even at this price am still in profit as you know recovery stocks are always the best.

[aries2000] 17/6/2015 08:55

No bought before the spike after reading about it.

[ukmassy] 17/6/2015 08:35

Stuck in on a spike then!!!

[aries2000] 17/6/2015 08:14

Will be buying more as funds become available.

[aries2000] 17/6/2015 08:13

when see a gem you have to share don't be greedy

[aries2000] 17/6/2015 08:12

Not desperate am happy with my purchase and am waiting for the big news.

[ukmassy] 17/6/2015 08:02

Aries, are you stuck in this from the last spike? Your ramping is coming up as desperate.

[aries2000] 17/6/2015 07:29

Every day that goes by we get closer to news.

[aries2000] 17/6/2015 07:28

Morning folks hope we have a good day.

[aries2000] 16/6/2015 14:39

This is a GEM limited freefloat and it is not going bust.

[aries2000] 16/6/2015 14:38

Loverat and dosser please read my post on developments and future plans of the firm.

[aries2000] 16/6/2015 14:37

Hello guys this company is not going bust please do read on it.This share is about to get very exciting.

[dosser2] 16/6/2015 10:44

Always ready to take a punt, but research is key. Also helps if there are a few people plugging it giving pointers. Eastern European property sounds good in theory, but is it to late to get into it? Have the big profits been made? Remember being in Warsaw a few years ago and watching property prices increase 400% over the next few years.

[loverat] 16/6/2015 09:56

What is this one all about?

I remember there was another AIM company which specialised in Bulgarian property some time back. That one went bust. Mind you - I expect they all do in the end, the question is whether you can make money on a trade.

[dosser2] 16/6/2015 09:38

Anyone else here aries?

[aries2000] 15/6/2015 07:10

Blue day BKSA

[aries2000] 15/6/2015 00:03

Black Sea Prop Fund
Regulatory Approval
RNS Number : 0643O
Black Sea Property Fund Limited
22 May 2015





The Black Sea Property Fund Limited

("Black Sea" or the "Company")



Regulatory Approval



The Company is pleased to announce that it has received the approval of the Jersey Financial Services Commission for its proposals to amend its investing policy in order to invest the Company's resources in the Bulgarian real estate market in accordance with the new investing policy as set out in the circular to Shareholders dated 13 March 2015, and intends to raise investment funds as soon as practicable by means of debt and/or the issue of equity.



For further information please contact:

The Black Sea Property Fund Limited