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FairPlay Properties REIT-Sofia, BSE code – FPP, has filed to BSE-Sofia the following press-release related to the General Meeting of Shareholders of the company held on 20.03.2007:
– Amendments to the Statutes of FairPlay Properties REIT pursuant to which the maximum size of the management costs has been decreased from 15% to 6.5%. The shareholders have approved and adopted the report of the Board of Directors on its activity in 2006, the annual financial report for the past financial year, the report of the certified public account as well as the report of the Investor Relations Director.
– FairPlay Properties REIT shall start two new projects and continue the third stage of the Santa Marina holiday village in Sozopol as a part of the program for intensive investment of at least BGN 70 million in the years 2007 and 2008. The first of the new projects envisages the building of holiday estates of 8,700 sq. m. unfolded built-up area on a terrain of 7,900 sq. m. on the land of Sozopol. Within the limits of the second project it is planned that trading sites of 26,400 sq. m. unfolded built-up area on a terrain of 37,300 sq. m. shall be constructed at the entrance of Sandanski. The management of the company considers that the volume of the investments in the next two years shall probably reach the value of BGN 100 million.
– Sales and rent revenues on amount of BGN 53.2 million for 2007 and BGN 60.6 million for 2008 are forecast by FairPlay Properties REIT. They are expected to gain profit of BGN 11.8 million for 2007 and BGN 16.5 million for 2008. The company plans to distribute BGN 0.21 as a gross dividend per share for 2007, i.e. BGN 10.6 million in total, and the dividend for 2008 to increase to BGN 0.30 per share, i.e. BGN 14.9 in total.