Issue of Equity

    RNS Number : 1911I
  Madara Bulgarian Property Fund
  14 November 2008
   

    14 November 2008

    Madara Bulgarian Property Fund Limited 

    Issue of Equity 

    Madara Bulgarian Property Fund Limited ("Madara" or the "Fund") announces that application has been made for the admission to trading on
AIM of 1,401,602 new ordinary shares (the "Shares") of no par value each in the Company. The Shares will rank pari passu with the Company's
existing issued ordinary shares and dealings are expected to commence on 19 November 2008. Following admission of the Shares, the Company
will have 39,013,307 ordinary shares in issue.

    Of the Shares, 293,244 were subscribed for in the Fund's recent equity issue and the balance have been issued to Madara Capital LLP
("Madara Capital"), the Fund's investment adviser, and certain of the Fund's creditors in lieu of accrued fees and remuneration for the
period to 31 December 2008. All the Shares have been issued at a price of EUR0.68 per Share compared to the price per ordinary share of the
Fund of EUR0.40 as at the close of business on 13 November 2008, being the latest business day prior to the date of this announcement.

    Following the issue of Shares, the interests of Madara Capital and certain of the Fund's non-executive directors will be as follows: -

                                              Total number of       % held of the Fund's enlarged
                       Number of Shares  ordinary shares held               issued share capital 
                               acquired
 Name of holder
 Madara Capital                 992,647             2,292,647                                 5.9
 Ivan Nenov                      31,668                31,668                                 0.1
 Michael Chase                   25,745                25,745                                 0.1
 Scott Perkins                    8,824                 8,824                                 0.1
 Timothy Chadwick                 8,591                 8,591                                 0.1

    In conjunction with the share issue, the directors of the Fund and Madara Capital have agreed to extend the fixed term of the investment
advisor's agreement until 31 December 2010, on the same terms as previously agreed, and, as a cash preservation measure, that the majority
of the monthly management fee payable by the Fund to Madara Capital will be deferred and will accrue until the earlier of 31 December 2010
or until the directors of the Fund deem fit.  

    END

    Enquiries: 

    Timothy Chadwick, Chairman                      [phone]
    Madara Bulgarian Property Fund Limited

    Scott Perkins, Chief Executive                     [phone]
    Madara Capital LLP

    Tom Griffiths / Paul Vanstone                       [phone]
    Arbuthnot Securities Limited


This information is provided by RNS
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