Updates

Black Sea Property Fund

February 2007

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.

BKSA has issued a sales progress report on the sales of apartments in both its Pamporovo ski resort and Obzor coast resort. Sales on both resorts at this stage of the campaign are ahead of expectations. Bulgaria's recent accession to the EU has helped foreign investment and demand and sales prices are ahead of expectations. Including the first phase at Pamporovo, a total of 125 apartments in these two resorts are under offer to a value of Eu15.2m, which will provide a profit of Eu2.5m to the fund. Numis has a 29p price target but we can't see what will galvanise the shares into action in the short-term. Critics would point out that the fund has sourced land from the same developer in the past and the recent trading statement show ...

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Ceramic Fuel Cells

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Black Sea Properties - Numis sets 35p share price target (April 2006)

Black Sea Properties (February 2006)

Black Sea Properties - Fifth development agreement (November 2005)

Black Sea Property - NAV rises to 27.5p (August 2005)

Black Sea Property Fund - Geared Bulgarian property play (April 2005)

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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