15th Jul 2015 08:44
LONDON (Alliance News) - The Black Sea Property Fund Ltd on Wednesday said it has raised GBP1.5 million via a share placing to back property acquisitions in Bulgaria, though its shares will be suspended after it failed to implement its investing policy in time.
The fund said it has issued 152 million shares at 1 pence per share. Shares in the fund were untraded Wednesday, having last traded at 0.117 pence.
The company said it intends to use the funds to back the acquisition of property assets in Bulgaria.
But shares in Black Sea will be suspended from Thursday after the company failed to implement its investing policy by Wednesday, 12 months after the disposal of its last assets. The company said it intends to apply for the suspension to be lifted once the share placing has been completed and it has acquired some assets.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
BKSA.L