Settlement of liabilities

 

TIDMBLD 
 
RNS Number : 0138M 
Bulgarian Land Development PLC 
17 May 2010 
 

                         Bulgarian Land Development Plc 
 
           Settlement of liabilities to acquire off-plan developments 
 
The board of Bulgarian Land Development Plc (the "Company"), the AIM listed 
Bulgarian residential and commercial development company, announces today that 
it has reached agreement with Greenlife Property Development AD ("Greenlife"), 
the local Bulgarian developer whose off-plan apartments the Company has 
underwritten. 
 
The Company will make an immediate, final cash payment of EUR0.6m to Greenlife 
representing EUR1.1m to acquire the remaining 36 completed units, a discount of 
EUR0.2m on the remaining commitment to acquire the units, less EUR0.5m profit share 
net of agents' fees due to the Company for units which have already been sold. 
 
By acquiring the units the Company is able to control the marketing of these 36 
units, which have a carrying value of EUR1.7m inclusive of deposits already paid. 
 
                                    - Ends - 
 
For further information, please contact: 
 
+------------------------------+------------------------------+ 
| Bulgarian Land Development   |                020 7067 0700 | 
+------------------------------+------------------------------+ 
| Christo Iliev, Chief         |                              | 
| Executive,                   |                              | 
+------------------------------+------------------------------+ 
| Dimitar Savov, Executive     |                              | 
| Director                     |                              | 
+------------------------------+------------------------------+ 
| Andrew Daw, Finance Director |                              | 
+------------------------------+------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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