Reference is made to the stock exchange notice from Black Sea Property AS (the "Company") on 11 November 2025 regarding the entry into of a preliminary sale and purchase agreement for the sale of the Company's 99% shareholding in EPO Bulgaria (the "SPA"), a subsidiary of the Company.
The Company's Board of Directors has now received notice from the buyer entity under the SPA (the "Buyer") that the Buyer will not be able to proceed with the transaction due to not being able to secure the required funding.
As noted in the Company's stock exchange notice from 11 November 2025, the Buyer was a newly established and not yet capitalized Bulgarian company, and that there was substantial risk that a closing of the transaction would not take place. This risk has now, unfortunately, materialized. The Company will assess its options going forward and will provide further information in due course.
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 River Beach Resort. Sunrise River Beach Resort is a partially completed project and will upon completion comprise approximately 950 apartments as well as significant commercial space. Black Sea Property AS has indirect ownership to the project and will work to finalize Sunrise River Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17. This stock exchange announcement was published by Egil Melkevik, Chairman, at the time and date provided.