News blog

Black Sea Property Fund

• BY: Andrew Hore |
• POSTED: 05/08/2014 |

Nomokanon-2000 Ltd has acquired a 29.6% stake in Black Sea Property Fund.

It appears to have been acquired from Vidacos Nominees (re DMG7) the beneficial shareholder of which was QVT Financial.

Black Sea has been selling off its property assets following a shareholder vote in June 2012. In June, Black Sea returned £2.37m or 1.11p a share to shareholders paid for by the sale of the Evergreen land in Sofia and apartments at Obzor. The sale of land at Byala raised €835,000 and the sale of the Borovets land asset generated €120,000. A final cash distribution of 0.15p a share is planned and then the company plans a shareholder vote on winding up the company. However, it could be used as a shell instead.

The share price is 0.43p (0.35p/0.5p), which is after the shares have gone ex-dividend. That suggests that the market believes something else could be done with the company. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2014_58.pdf