Black Sea Property PLC Completion of EUR4.58m Placing and Debt Conversion (7824A)

TIDMBSP

RNS Number : 7824A

Black Sea Property PLC

24 January 2020

BLACK SEA PROPERTY PLC

("Black Sea Property" or the "Company")

Completion of EUR4.58m Placing and Debt Conversion

Further to the announcement made on 10 January 2020, Black Sea Property PLC, confirms that the placing and the simultaneous debt to equity conversion has now become effective. The overall amount raised before expenses is Eur 4,585,682, through a placement of 416,880,162 new ordinary shares of nil par value (the "Placing Shares") at a price of EUR 0.011 per Ordinary Share (the "Placing"). The final funds raised has been reduced by EUR200,000 from the amount announced on January 10(th) due to partial finalisation issues with one particular placee.

Following completion of the Placing and the simultaneous issue of 127,035,545 new ordinary shares at EUR 0.011 per share for the conversion of all of Mamferay Holdings Limited's outstanding loans (the "Loan Shares"), the Company is aware of the following disclosable interests in the share capital of the Company:

 
 Name                       Ordinary Shares   Percentage interest 
                                               in enlarged Equity 
                                               issued share capital 
 
 Mamferay Holdings 
  Limited                   539,457,561       29.75 
 Neo London Capital 
  JLC                       515,126,806       28.41 
 Compass Invest JSC         304,354,182       16.78 
 Capman Asset Management    92,000,000        5.07

Following the issue of the Placing Shares and the Loan Shares, the Company has 1,813,323,603 Ordinary Shares in issue, which also represents the total number of voting rights in the Company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

The Directors of the issuer accept responsibility for the contents of this announcement.

For further information, please visit www.blackseapropertyplc.com or contact the following:

 
 BLACK SEA PROPERTY PLC 
  Alex Borrelli - Chairman          +44(0) 774 702 0600 
 PETERHOUSE CAPITAL LIMITED 
  NEX Corporate Adviser 
  Heena Karani and Duncan Vasey    +44 (0) 207 469 0930

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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