16th Feb 2007 12:58
Bulgarian Land Development PLC16 February 2007 Bulgarian Land Development Plc ("BLD" or the "Company") £15m placing The Company is pleased to announce that it has conditionally raised £15,000,000(before expenses) through a placing by Seymour Pierce of 15,000,000 new OrdinaryShares at 100 pence per share. The Placing is conditional on, amongst otherthings, the approval by shareholders of resolutions to be proposed at an EGM ofthe Company to be convened on 14 March 2007. A circular convening the EGM andcontaining further details of the placing will be sent to shareholders shortly. The net proceeds of the Placing will be used for the purpose of futureinvestment in accordance with the investment strategy set out in Part 1 of theCompany's AIM admission document and for the general working capitalrequirements of the Company. In the placing, CLS Holdings plc ("CLS") has agreed to subscribe for 7,211,787new Ordinary Shares and will, upon completion of the placing, be interested in11,461,787 Ordinary Shares representing 28.65 per cent. of the enlarged issuedshare capital of the Company. In addition, the following directors have agreed to subscribe for OrdinaryShares in the Placing as follows: Director Number of Placing Number of Ordinary Shares acquired Shares held following in the Placing completion of the Placing Christo Iliev 50,000 1,350,000 (3.37%)Dimitar Savov 20,000 20,000 (0.05%)Ita McArdle 10,000 10,000 (0.025%)John Dodwell 10,000 10,000 (0.025%) Furthermore, upon completion of the placing, Per Sjoberg, the CEO of CLS, willbecome non-executive Chairman of the board and therefore both Michael Cassidyand Emmanuel Olympitis intend to step down from the Board at the successfulconclusion of the EGM. Accordingly, the board intends to recruit a non-executivedirector with suitable 'hands-on' construction experience in the near future. Application will be made for admission of the 15,000,000 new Ordinary Shares totrading on AIM. Dealings in the new Ordinary Shares are expected to commence on15 March 2007. For further information, please contact: Bulgarian Land Development 020 7067 0700Christo Iliev, Chief Executive,Dimitar Savov, Executive DirectorJohn Dodwell, Finance Director Weber Shandwick Square Mile 020 7067 0700Terry GarrettNick DibdenJames White Seymour Pierce 020 7107 8000Jonathan WrightLiam O'Donoghue Notes to Editors BLD was admitted to the AIM market in March 2006, following a share placingwhich raised gross proceeds of £23m at 100p per share. BLD only operates inBulgaria which is where its full time management is based. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CLS Holdings