The Fund will invest over BGN 70 mln in 2008
Sofia, March 25, 2008
On the regular General Meeting, held on 25 March 2008, the shareholders of FairPlay Properties REIT have taken a decision for distribution of BGN 8 mln from the profit of the Company as a dividend.
The General Meeting has elected a new Board of the Directors of FairPlay Properties REIT with members Manu Todorov Moravenov, Ivaylo Alexandrov Panov and Svetoslav Petrov Soltariev.
The shareholders adopted the Motivated Report of the Board of the Directors in accordance with art. 114a and have authorized the management body of the Fund to sign long-term agreements for renting the retail-servicing buildings from the Holiday complex “Santa Marina” in the town of Sozopol, a hotel in the Holiday complex “St. Ivan Rilski” in the town of Bansko and a Holiday base in Chernomoretz.
On the General Meeting of shareholders have been adopted the Report of the Board of the Directors about the activities of the Company in 2007, the annual financial statement for the previous financial year, the Report of the Certified public accountant and the report of the Investor Relations Director.
The annual results for 2007 shows that FairPlay Properties REIT has invested over BGN 96 mln excluding VAT as at 31.12.2007 and for the last year has signed Sale agreements at the amount of BGN 34, 5 mln excluding VAT.
The revenues from sales for 2007 amounts to BGN 43, 30 mln excluding VAT, and the forecasted ones, that the Company is planning to reach through 2008 will come up to BGN 42, 46 mln. 98% of them will be realized from sale of apartments, and 2% will be the rents.
FairPlay Properties REIT expects to reach BGN 10,4 mln profit for distribution for 2008. The Company has announced its first forecasts for the current year, which shows that the Company plans minimum BGN 0, 16 for dividend per share for this year, or with BGN 0, 02 over the one for 2007. In comparison, its profit for distribution for 2007 reached BGN 8, 8 mln at preliminary forecast for BGN 8, 2.
The Fund will invest BGN 73, 6 mln through 2008. For the acquisition of new plots are provided 42% of the total capital investments or BGN 30,650 mln, and the rest 58% will be for construction works.
From the beginning of 2008 FairPlay Properties REIT has signed new sale agreements for 51 apartments with total amount BGN 8, 306 mln with unfolded built-up area 3 390 sq. m.
On the March 6, this year, successfully finished the Subscription about the fourth capital increase of FairPlay Properties REIT. The capital of the Fund will increase with 5 125 370 new shares with nominal BGN 1.00 and issuing value BGN 2, 25 per share.
FairPlay Properties REIT is the biggest in assets Company for securitization of real estate (without agricultural lands) with 14,59% market share and had fourth place towards this index from all the REITs invested in the real estates, listed on the BSE ( according the statistics of Financial Supervision Commission for the third quarter of 2007). According the information from the last Prospectus of the Company the market value of its assets as at November 2007 exceeds BGN 170 mln.
FairPlay Properties has an award from the Investor‘s Association for “The Best Corporate Governance of REITs 2006”.
FairPlay Properties REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. The main shareholder in the Company is FairPlay International JSC with 67 % quota in the capital.