Updates

Black Sea Properties - Fifth development agreement

November 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 Q2, property agent Colliers International determined the net present value of its properties on an 'as if built basis' (and discounted back by 11% per annum) at £24.5m. With £43.5m cash to invest, net assets are therefore £68m, or 27.3p a share. In May, Black Sea acquired an option over 1,200 luxury holiday apartments in Byala, adding to the 1,300 it held at float, and taking it to four locations on the Black Sea coast and all within an hour's drive of the main coastal airport at Varna. Just after these results, Black Sea confirmed a fifth development agreement in Pamporovo, one of Bulgaria&rs ...

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Kewill

Tarsus

Black Sea Property Fund (February 2007)

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

Black Sea Properties (February 2006)

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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