Re Cancellation of admission of Shares

 

TIDMBLD 
 
RNS Number : 4330C 
Bulgarian Land Development PLC 
12 November 2009 
 
? 12 November 2009 
Bulgarian Land Development Plc 
 
 
Cancellation of the admission of the Company's shares to trading on AIM 
 
 
The board of Bulgarian Land Development Plc (the "Company"), the AIM listed 
Bulgarian residential and commercial development company, announces today that 
it is unable to put forward its proposals to shareholders for the cancellation 
of the admission of the Company's ordinary shares to trading on AIM and make a 
tender offer at the same time to all shareholders at a price of 30 pence per 
share before the end of the year as anticipated in its announcement of 15 
October 2009. 
 
 
The terms of bank finance, which were announced on 22 April 2008, for the 
development of the Printing House project, in which the Company has a 50% 
interest, have been progressively and unilaterally amended by the bank. The 
directors of the Company cannot currently forecast with sufficient certainty the 
conditions under which funds will be made available for this joint venture and 
therefore it may need to utilise existing cash resources to complete the 
development. 
 
 
A further announcement will be made as soon as the directors of the Company have 
taken appropriate legal advice and concluded further negotiations with the bank. 
Regrettably it is anticipated that this process will not be completed before the 
end of the current financial year. 
 
 
- Ends - 
 
 
For further information, please contact: 
 
 
Bulgarian Land Development    020 7067 0700 
Christo Iliev, Chief Executive, 
Dimitar Savov, Executive Director 
Andrew Daw, Finance Director 
 
 
Collins Stewart Europe Limited    020 7523 8000 
Andrew Zychowski/Helen Goldsmith 
 
 
 
 
 
 
Important Information 
 
 
This announcement and the information contained herein is restricted and is not 
for publication, release or distribution in whole or in part in the United 
States, Canada, Australia or Japan. 
This announcement does not constitute or form part of any offer or invitation to 
sell, or any solicitation of any offer to purchase, any securities of the 
Company. 
Certain statements contained in this announcement may be forward-looking 
statements. By their nature, forward-looking statements involve a number of 
risks, uncertainties and assumptions that could cause actual results or events 
to differ materially from those expressed or implied by the forward-looking 
statements. These risks, uncertainties and assumptions could adversely affect 
the outcome and financial effects of the plans and events described herein. 
None of Collins Stewart Europe Limited ("Collins Stewart") nor the Company 
undertakes any obligation to update or revise any forward-looking statements, 
whether as a result of new information, future events or otherwise. A 
prospective investor should not place undue reliance on forward-looking 
statements, which speak only as of the date of this announcement. 
The contents of this announcement have been prepared by and are the sole 
responsibility of the Company. 
Collins Stewart, which is authorised and regulated in the United Kingdom by The 
Financial Services Authority, is acting for Bulgarian Land Development Plc and 
for no one else in connection with the De-listing and tender offer and will not 
be responsible to anyone other than Bulgarian Land Development Plc for providing 
the protections afforded to clients of Collins Stewart nor for giving advice in 
relation to the contents of this announcement or any other matter referred to 
herein. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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