Updates

Black Sea Property - NAV rises to 27.5p

August 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Black Sea which specialises in financing off plan properties in Bulgaria has announced that at the end of Q1, agent Colliers International valued the net present value of its properties at ?25.1m. With ?44m cash to invest net assets are ?69.1m, or 27.5p a share. Since its admission to AIM, Black Sea has acquired an option over a further 1,200 apartments in Byala, taking its portfolio to 2,500 properties in 4 locations We added the shares to the Growth Portfolio in May. Buy/hold. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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