Black Sea Property Fund Limited Update re Suspension (9164I)
14 Dezember 2015 - 8:30AM
UK Regulatory
TIDMBKSA
RNS Number : 9164I
Black Sea Property Fund Limited
14 December 2015
The Black Sea Property Fund Limited
("Black Sea" or the "Company")
Update on possible implementation
Further to the statement made by the Company on 15 July 2015
regarding inter alia, the Company's suspension of trading on AIM
("Suspension"), the need to implement the Company's investing
policy and the potential cancellation of the Company's shares to
trading on AIM, the Company provides the following update to
Shareholders.
The Company has identified a number of potential property
investments which the Directors consider would, if made, be in
accordance with its investing policy and which would account for a
substantial proportion of the Company's funds. However, these
investments remain subject to completion of due diligence (which is
not expected to present timing issues) and determination as to
whether AIM considers that the Company will have substantially
implemented the Company's investing policy upon completion of these
investments as is required by the AIM Rules.
As previously disclosed, if the investing policy has not been
substantially implemented within 6 months of Suspension, being 16
January 2016, the admission of the Company's shares to trading on
AIM will be cancelled and the Directors 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. The Directors are urgently
seeking to resolve this issue with a view of best protecting the
interests of Shareholders and, if appropriate, preparing and
completing the investment process before 16 January 2016. However,
the Directors now consider that there is a risk that the Company
will not be deemed to have implemented its investing policy before
16 January 2016, in which case the admission of the Company's
shares to AIM will be cancelled.
The Company will update Shareholders as and when further
information is available.
For further information please contact:
The Black Sea Property Fund Limited
Alex Borrelli, Chairman Tel: +44 7747 020600
Cairn Financial Advisers LLP Tel: +44 20 7148 7900
Nominated Adviser
Sandy Jamieson, Emma Earl
Peterhouse Corporate Finance Limited Tel: + 44 20 7469 0930
Sole broker
Heena Karani, Charles Goodfellow
This information is provided by RNS
The company news service from the London Stock Exchange
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