26th Oct 2006 07:00
Black Sea Property Fund Limited26 October 2006 For Immediate Release 26 October 2006 The Black Sea Property Fund Limited Board changes The Black Sea Property Fund Limited (the "Fund") is pleased to announce theappointments of Irena Komitova and Bogdan Stanchev as directors of the Fund withimmediate effect. The Board has for some time been looking to strengthen itspresence in Bulgaria and believes that the new appointments will bring itadditional depth and expertise. The Fund also announces the resignation ofEvgeni Chachev. Ms Komitova, 47, has an extensive background in the Bulgarian businesscommunity. Since 2005 she has been the managing partner of Creative SolutionsLtd, a management and financial consultancy company based in Sofia. She has alsoacted as a consultant in staging the Economist Conferences, designed for theinternational business community interested in investing in Bulgaria. Inaddition to these roles, Ms Komitova has worked for various organisations inBulgaria, including Allianz Bulgaria Holding, the American University inBulgaria and as general manager of Kamor Auto Ltd, the official representativefor BMW in Bulgaria. She has won a number of awards, including recognition as aGlobal Leader for Tomorrow in 2000 by the World Economic Forum. Mr Stanchev, 37, has wide experience in the management and administration ofbusinesses in Bulgaria. Since early 2005 he has been the Chief Executive Officerof the Varna Business Park. The Business Park is currently in construction andthe first building was recently completed and is already 80% let. Theorganisation currently has a market capitalisation of around €25 million and theplanned investment is €50 million. Prior to this role he was the commercialdirector of a manufacturing company, where he was responsible for the financialmanagement, administration and operations of an 800 person business. Chairman of the Fund, Melville Trimble said "The Directors are delighted thatIrena and Bogdan have both accepted their invitation to join the Board. Theyboth have wide and varied experience of business in Bulgaria and we believe thatthey will provide a significant contribution to the Board's discussions anddecision making. The Board would also like to take this opportunity to thank Evgeni Chachev forhis work during the Fund's early life." There are no further details required to be disclosed pursuant to schedule two,paragraph (g) (i) to (viii) of the AIM Rules. For further details please contact:- Development Capital Management Roger Hornett Tom Pridmore 020 73557600 Buchanan Communications Charles Ryland Isabel Podda 020 7466 5000 Numis Securities Charles Farquhar Iain McDonald 020 7776 1500 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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