Sofia, September 8, 2014
On the held today, extraordinary general meeting, the shareholders of “FairPlay Properties” REIT, was voted reduction of the amount of the capital of the Company from BGN 55,825 mln. to BGN 27,913 by reduction of the nominal value of the issued by the Company shares from BGN 2,00 (two) to BGN 1,00 (one).
At the meeting was voted covering of the net losses for the period 2006 – 2013 to be done at the amount of BGN 8.6 mln at the expense of the share premium at the amount of NGB 6,6 mln. and part of the reserves.
The decision for reduction of the capital will be presented to the Commercial register and announced. With its announcement it is considered that the Company has declared that it is ready to give compensation of the receivables as at the time of the announcement. The consent of the creditors with the reduction is expected if up to 3 months from the announcement, they do not express in written form their dissent. In the same term, the Commercial register will register the new amount of the capital and the nominal value of the shares of “FairPlay Properties” REIT.
“The reduction of the fixed capital of the Company at the expense of the accumulated until now loss, from revaluation of properties, is the second step for implementation of the intention of the Management of the Company to ensure long-term option for distribution of every future profit as dividend to the shareholders after the decision for reverse split, voted by the shareholders at the regular general meeting at the end of June this year.” – added the CEO of the Company Many Moravenov.
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The P “FairPlay Properties” REIT is listed on the BSE – Sofia on 17th of February, 2006. Major shareholder in the company is “FairPlay International” with 56% share in the capital, the rest of the shareholders are institutional investors (10 pension, 15 mutual funds and 1 investment company) and over 400 individuals and legal entities, retail investors.
The projects of the Company have also received many prestigious awards, including:
• The Holiday Complex “Santa Marina” is the first Bulgarian holder of the prestigious award Prix d’Excellance Golden Winner, May 2014;
• The holiday village “Santa Marina” holds the great reward in the competition FIABCI Prix D’ Excellance Awards, April 2013;
• The Holiday complex „Santa Marina” was distinguished with the prize “Best Holiday Village 2010” from the Bulgarian Hotel and Restaurant Association;
• The holiday village “Santa Marina”, Sozopol owns the Golden prize “Best Project in Bulgaria” from the Russian magazine „Homes Overseas”;
• The holiday village “Santa Marina”, Sozopol is the holder of the award “Best Marina Project” from the international competition “Best project 2009”, organized in the frame of the year of Bulgaria in Russia;
• The project of the Company Hotel, SPA and Apartments “Saint Ivan Rilski”, Bansko was distinguished with an award from the Bulgarian Hotel and Restaurant Association for “Best holiday 4-star hotel in Bulgaria 2009”;
• The webpage of the holiday village “Santa Marina”, Sozopol was awarded as “Best website in the Real Estates category” from the international web festival “Albena 2008”;
• The larges project of the Fund – the holiday complex “Santa Marina”, Sozopol holds the prize “Holiday complex of the Year” from the competition “Building of the year 2006”.
The Company is a holder of plenty of prestigious awards such as:
• „Investor of the Year” in the Tourism sector for 2013 for the investment of the Company in the Holiday village “Santa Marina”, Sozopol;
• Second place in the Annual rating of Dnevnik newspaper – “Top 100 best companies on the stock exchange in Bulgaria in 2009” in the category “Best REIT”.
• „Best IR Website”, the Bulgarian Association of Investor Relations Directors for 2008;
• „Company with best Corporate governance for Special investment purpose Companies, 2006”, Investors Association in Bulgaria;
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More information:
Snezhana Yotinska, Investor Relations Director
Tel.: 02/ 8 199 121; e-mail: s.yotinska@fpp.bg
