Reference is made to previous stock exchange announcements
and the general meeting's decision to resolve a rights issue
(the "Rights Issue") of minimum 1 and maximum 32,142,857 new
shares (the "Offer Shares") in Black Sea Property ("BSP" or
the "Company").
The subscription period for the Rights Issue ended on 27
March 2017 at 16.00 CET. The subscription price in the
Rights Issue was NOK 0.70. At the end of the subscription
period, BSP had received subscriptions for a total of
34,405,092 Offer Shares out of 32,142,857 Offer Shares
available, implying an oversubscription of approximately 2.2
million Offer Shares. However, approximately 3 million Offer
Shares were subscribed without the subscribers holding
subscription rights and these subscriptions have therefore
been disregarded.
The Board of Directors of BSP has approved the final
allocation of the Offer Shares based on the allocation
criteria set out by the general meeting and has allocated
31,518,583 Offer Shares in total to the subscribers. A total
of 25,407,830 Offer Shares have been allocated on the basis
of exercised subscription rights and 6,110,753 Offer Shares
have been allocated to subscribers on the basis of
oversubscription. The Rights Issue raised gross proceeds of
approx. NOK 22 million.
Payment for the Offer Shares allocated to the subscribers
falls due on 3 April 2017. Letters of allocation will be
distributed to investors giving notification of allocated
new shares and the corresponding amount to be paid by each
subscriber.
Reference is furthermore to the stock exchange notice dated
17 March 2017 regarding subscriptions made by the Company's
board members. Please see the enclosed document for an
overview of the Offer Shares allocated to the board members
and their holdings of shares in the Company following the
Rights Issue.
On 27 March 2017, CL-Holding AS (a company controlled by
directors Erik Larre and Hans Gulseth) made a subscription
of 500,000 Offer Shares at the subscription price of NOK
0.70. Simultaneously, CL-Holding AS entered into an
agreement to sell 500,000 shares in the Company to director
Hans Gulseth at a price of NOK 0.70 per share, corresponding
to a total purchase price of NOK 350,000. Further, chairman
Egil Melkevik has sold 428,572 shares in the Company to MTB
Invest AS (a company controlled by Egil Melkevik) at a price
of NOK 0.70 per share, corresponding to a total purchase
price of NOK 300,000. The above transactions are reflected
in the enclosed document.
For further information please contact:
Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: egil.melkevik@imenco.com
About Black Sea Property AS:
Black Sea Property AS is a real estate company with holdings
in a real estate project on the Black Sea
coast called Aheloy Beach Resort. Aheloy Beach Resort is a
partially-completed project and will upon
completion comprise over 1,000 apartments as well as
significant commercial space. Black Sea Property AS owns
indirectly 75% of the project. Black Sea Property AS will
work to finalize Aheloy Beach Resort, to realize the
project's added value through the sale of residential units
and hotel operations.