Response to Windsorville Inv.

RNS Number:9694J
Bulgarian Property DevelopmentsPLC
14 December 2007


FOR IMMEDIATE RELEASE                                                 14 DECEMBER


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

                      Bulgarian Property Developments PLC

                            ("BPD" or the "Company")

The Board of BPD notes the announcement by Windsorville Investments Limited this
morning. The Board remains firmly of the view that this offer materially
undervalues the Company.

As previously announced, Colliers CRE's valuation, adjusted for cash and other
assets and liabilities, results in a NAV  on a Current Value basis of between
75p and 90p per BPD share (depending on the outcome of an application for an 
increase in density at the Sofia Central Commercial Site) and of between 84p and
98p per share on a discounted Gross  Development Value basis (as set out in the
preliminary announcement dated 27 November 2007).  These figures reflect the 
fact that the Company has cash balances of approximately £26 million (equivalent
to 24p per share).

The Board will provide a more detailed response to shareholders in due course.
Meanwhile, the Board advises shareholders to take no action.



Enquiries:


Bulgarian Property Developments

Christian Williams (Chairman)                               [phone]

Ivo Hesmondhalgh (Joint Chief Executive)                    [phone]


Matrix Corporate Capital LLP (Nominated Adviser)

Stephen Mischler                                            [phone]


Fairfax I.S. PLC (Adviser and Broker)

Simon Stevens                                               [phone]


Cubitt Consulting

Simon Brocklebank-Fowler                                    [phone]
                                                            [phone]
Brian Coleman-Smith
James Verstringhe


Dealing Disclosure Requirements


Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any
person is, or becomes, 'interested' (directly or indirectly) in 1 per cent or
more of any class of 'relevant securities' of BPD, all 'dealings' in any
'relevant securities' of that company (including by means of an option in
respect of, or a derivative referenced to, any such 'relevant securities') must
be publicly disclosed by no later than 3.30 pm (London time) on the London
business day following the date of the relevant transaction. This requirement
will continue until the date on which the offer becomes, or is declared,
unconditional as to acceptances, lapses or is otherwise withdrawn or on which
the 'offer period' otherwise ends. If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire an
'interest' in 'relevant securities' of BPD, they will be deemed to be a single
person for the purpose of Rule 8.3.


Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of BGP, or by any of their respective 'associates', must be
disclosed by no later than 12.00 noon (London time) on the London business day
following the date of the relevant transaction.


A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.


'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.


Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a 'dealing' under Rule 8, you should consult the Panel.


To the best of the knowledge and belief of the Company and the Directors (who
have taken all reasonable care to ensure that such is the case) the information
contained in this document is in accordance with the facts and makes no omission
likely to affect the import of such information.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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