6th Mar 2009 10:38
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN
THE BLACK SEA PROPERTY FUND LIMITED
(the "Fund")
6 March 2009
PROPOSALS FOR RECLASSIFICATION TO "LISTED FUND" STATUS, TERMINATION OF THE MANAGEMENT FUNCTION, ENTRY INTO A NEW ADMINISTRATION AGREEMENT, APPOINTMENT OF A NEW PROPERTY ADVISER, CHANGES TO INVESTMENT STRATEGY AND AMENDMENT OF ARTICLES OF ASSOCIATION
The Black Sea Property Fund Limited announces that shareholders approved proposals tabled at an Extraordinary General Meeting of the Fund held on 4 March 2009.
Pursuant to the proposals the Fund sought to:
be reclassified to "Listed Fund" status,
terminate the management function undertaken by the Development Capital Management (Jersey) Limited,
appoint BSPF Bulgaria EAD, a wholly owned subsidiary as a new property adviser advising the board of directors about the Fund's property investments,
enter into a new administration agreement between the Fund and the BNP Paribas Fund Services Jersey Limited, and
propose changes to the investment policy of the Fund and consequential amendments to the articles of association of the Fund.
Following the shareholder vote and the Jersey Financial Services Commission's issuance to the Fund of a listed fund certificate on 5 March 2009, the proposals are now effective.
Commenting on this news, John Chapman, the Fund's Chairman, stated: "Today's announcement marks the culmination of over a year of work to restructure the Fund and internalise its management. We expect that the implementation of these proposals will substantially reduce the Fund's operating costs, streamline its operations and create shareholder value. I appreciate the hard work of our directors and advisors in bringing this to fruition."
Enquiries to:
BNP Paribas Fund Services Jersey Limited 01534 709108 Jeremy Hamon
Numis Securities 020 7260 1000Nominated Advisor:
Nick Westlake Hugh Jonathan
Related Shares:
BKSA.L