Source - RNS
RNS Number : 4487I
Black Sea Property PLC
31 August 2016




("Black Sea Property" or the "Company")




Black Sea Property PLC, the Bulgarian property investment company, is pleased to announce that admission of the Company's ordinary shares to trading on the ISDX Growth Market, will commence at 8:00 a.m. today. The Company will trade under the ticker "BSP" and the ISIN number: IM00BYQLTS50.


The Directors of the issuer accept responsibility for the contents of this announcement.


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For further information, please visit or contact the following:



Alex Borrelli, Chairman


+44(0) 774 702 0600


ISDX Corporate Adviser

Heena Karani and Fungai Ndoro

+44 (0) 207 469 0930


Company Information


The Board is seeking to create a diverse portfolio of opportunistic and value-added Bulgarian real estate assets, including development land, partially completed construction projects and completed buildings.


The Board will seek to invest in the following real estate opportunities:


·    Distressed residential projects, primarily in the largest cities in Bulgaria - Sofia, Plovdiv, Varna and Burgas, which are either completed or close to completion and capable of generating sales revenue within 12 months from the initial investment;


·    Commercial buildings, primarily in Sofia, with opportunities to improve occupancy through active asset management: for example, renovation, remodeling, remarketing, operational management and optimisation of cost structure;


·    Hotels and holiday homes with opportunities to improve operations and cost structure; and


·    Investments in distressed companies and assets that need restructuring and further financing, capable of offering a high growth potential.





Brief biographical details of the Directors are set out below:

Michael Alexander Borrelli - Independent Non-Executive Chairman

Mr Borrelli, aged 60, qualified as a Chartered Accountant with Deloitte, Haskins & Sells, London in 1982. He then moved into investment banking and has acted on a wide variety of corporate transactions in a senior role for over 20 years, including flotations, takeovers, and mergers and acquisitions for private and quoted companies. Mr Borrelli was chairman of Ablon Group Limited, a real estate group with a portfolio valuation of circa €400 million in Central Europe (formerly listed on the Main Market, standard segment, of the London Stock Exchange prior to being the subject of a successful cash offer in 2013). He is the Chairman and Chief Executive of BMR Group PLC, a company listed on the AIM market of the London Stock Exchange.


Elena Fournadjieva - Executive Director

Ms Fournadjieva, aged 51, is a Bulgarian national and has a Masters Degree in Russian Philology from Sofia University, Bulgaria and a Masters Degree in Law from Veliko Tarnovo University, Bulgaria. Ms Fournadjieva worked from 1993 to 2006 as a Senior Administrative Assistant for the European Bank for Reconstruction and Development. From 2006 - 2009, Ms Fournadjieva was the Head of Legal and the Administrative department of East Balkan Properties PLC (formerly Equest Balkan Properties PLC). East Balkan Properties PLC was previously an AIM listed property fund with investments in Bulgaria, Romania, Macedonia and Serbia. Since 2006, Ms Fournadjieva has provided investment fund management and administration services for Trans Balkan Investment LTD (formerly Equest Investment Balkans PLC). In addition, Ms Fournadjieva is the sole owner of Lexington Management Services EOOD. Lexington EOOD's main activity is the provision of corporate services.  


Antony Royston Gardner-Hillman - Independent Non-Executive Director

Mr Gardner-Hillman, aged 59, is a solicitor of the Senior Courts of England and Wales. He has worked full-time as an independent director since 2007, the year in which he joined the board of the Company and, in the course of his career as an independent director, he has built extensive experience of working with publicly-traded companies owning varied assets in different jurisdictions. He offers the Company's board continuity and a knowledge of past events, as well as his public company governance and legal experience.


Mr Gardner-Hillman was a founding shareholder of the Jersey Trust Company group in 1987. He resigned as non-executive group chairman of Jersey Trust Company and disposed of his remaining shareholding in the group holding company in February 2008. He was a partner of Crills, a Jersey law firm, from January 1987 until May 2002.  Currently, Mr Gardner-Hillman is also on the board of the following quoted companies: Cambium Global Timberland Limited (AIM, Chairman), Bellzone Mining PLC (AIM), BMR Group PLC (AIM), NAXS AB (Nasdaq, Stockholm) and The Ottoman Fund Limited (AIM).


Yordan Naydenov Naydenov - Independent Non-Executive Director

Mr Naydenov, aged 47, is a resident of the Republic of Bulgaria and is a fully qualified Bulgarian lawyer with more than 20 years of experience. He is a partner with the law firm Boyanov & Co, Sofia, where he is head of the Corporate and the M & A practice group. His areas of speciality include corporate law, financial markets, mergers and acquisitions and bankruptcy. Mr. Naydenov has provided services to, and has previously represented clients on the boards of, various Bulgarian companies. In addition, Mr Naydenov has advised on real estate related transactions throughout his career.

This information is provided by RNS
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