Reference is made to the stock exchange notice by Black Sea Property AS ("BSP" or the "Company") on 30 May 2021 regarding the successful placing of a conditional private placement raising gross proceeds of approximately NOK 13 million (the "Private Placement"). Reference is furthermore made to the decision by the general meeting of the Company on 30 June 2021 to carry out a subsequent repair offering of new shares in the Company (the "Subsequent Offering").
The Subsequent Offering consists of an offering of up to 1,666,667 new shares in the Company (the "Offer Shares"), directed towards to the Company's shareholders as of 28 May 2021 (as registered in the VPS on 1 June 2021, (the "Record Date")), expect; (i) shareholders who were allocated new shares in the Private Placement, and (ii) shareholders domiciled in a jurisdiction where such offering would require any filing, registration or similar act (the "Eligible Shareholders").
The subscription period in the Subsequent Offering commences today, on 1 July 2021 at 09:00 hours (CEST) and will end on 14 July 2021 at 16:30 hours (CEST) (the "Subscription Period"). The subscription price per Offer Shares is NOK 3.00 (the "Subscription Price"), which is equal to the subscription price in the Private Placement.
In the Subsequent Offering, Eligible Shareholders, will be granted non-tradable subscription rights (the "Subscription Rights") that, subject to applicable law, provide preferential rights to subscribe for and be allocated Offer Shares at the Subscription Price.
The Eligible Shareholders will be granted 0.4794 Subscription Rights for each existing share registered as held by such Eligible Shareholder as of the Record Date, rounded down to the nearest whole number of Subscription Rights. Each whole Subscription Right provides a preferential right to subscribe for, and be allocated, one Offer Share at the Subscription Price. Over-subscription will be permitted. Subscription without Subscription Rights will not be permitted.
The Subscription Rights must be used to subscribe for Offer Shares before the expiry of the Subscription Period on 14 July 2021 at 16.30 hours (CEST). Subscription Rights that are not used to subscribe for Offer Shares before 16:30 hours (CEST) on 14 July 2021 will have no value and will lapse without compensation to the holder.
An invitation letter has been prepared by the Company in connection with the Subsequent Offering, describing, inter alia, the procedures for subscription of Offer Shares, is attached to this stock exchange notice. The invitation letter will also be distributed to the Eligible Shareholders.
For further information, please contact:
Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no
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 Sunrise Gardens. Sunrise Gardens Resort is a partially completed project and will upon completion comprise approximately 950 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 Sunrise Gardens Resort, to realize the project's added value through the sale of residential units and hotel operations.