BLD Bulgarian Land

 

TIDMBLD 
 
RNS Number : 7507V 
Bulgarian Land Development PLC 
16 July 2009 
 

16 July 2009 
 
 
Bulgarian Land Development Plc 
 
 
Cancellation of the admission of the Company's shares to trading on AIM 
 
 
Bulgarian Land Development Plc (the "Company"), the AIM listed Bulgarian 
residential and commercial development company, confirms that following 
discussions with its largest shareholders, it intends to put to shareholders 
proposals to cancel the admission of its ordinary shares to trading on AIM 
("De-listing"). 
 
 
The directors of the Company consider that the benefits of maintaining a listing 
on AIM are out-weighed by the costs incurred in maintaining such a listing. 
Accordingly the directors believe a De-listing to be in the best interests of 
the Company's shareholders as a whole.Particular consideration has been given by 
the Board to the fact that the AIM listing does not appear to be improving the 
liquidity in the Company's shares which have been trading at a substantial 
discount to net asset value for some time. The liquidity in the Company's shares 
is further impaired by the fact that only a small proportion of the Company's 
shares are outside of the control of the Company's three largest shareholders 
who account for 89.4 per cent. of the Share Register.  Furthermore, the Company 
does not anticipate raising new funds in the foreseeable future. 
 
 
In conjunction with the De-listing, the Company currently proposes to make a 
tender offer to all shareholders at 30p per share. This is in order to give 
shareholders the opportunity to realise their investment in the Company in full 
should they wish to do so, since the De-listing is likely to substantially 
reduce shareholders' ability to deal in the Company's shares. The tender offer 
will be funded from the Company's existing cash resources. Up to approximately 
GBP6m of cash that is not required for the Company's ongoing commitments may be 
used to fund the tender. 
 
 
The Company's two largest shareholders, CLS Holdings plc and AG Capital (and 
related parties), who between them hold 74.1 per cent. of the Company's issued 
shares, have indicated an intention to vote in favour of the De-listing and to 
tender for sale a proportion of their shareholdings. However, these shareholders 
intend to remain shareholders in the Company post the De-listing, with 
shareholdings post tender that will be proportionate to their current holdings. 
The two largest shareholders will restrict the amount of shares they offer to 
tender to a number less than that required to enable all other shareholders to 
realise their investment in full, should they wish to do so. 
 
 
A circular to shareholders convening an extraordinary general meeting of the 
Company at which the De-listing will be proposed and giving details of the 
tender offer, will be despatched in due course. 
 
 
- 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   |                                    | 
+------------------------------------+------------------------------------+ 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| Weber Shandwick Financial          |                      020 7067 0700 | 
+------------------------------------+------------------------------------+ 
| Nick Dibden / Katie Matthews       |                                    | 
+------------------------------------+------------------------------------+ 
 
 
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 
undertake 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 
   END 
 
 MSCDGGMNVKMGLZM 
 

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