BLD Bulgarian Land

    RNS Number : 6255F
  Bulgarian Land Development PLC
  13 October 2008
   

    

    13 October 2008
    Bulgarian Land Development plc

    Changes to the financial terms of the Riverland, Borovets development

    Bulgarian Land Development plc ("BLD" or the "Company"), the AIM listed Bulgarian residential and commercial development company,
announces that it has reached agreement in principle with the vendors of the sites at Riverland, Borovets to settle the deferred
consideration that would have become due on that development as units were sold.

    Under the original terms of the acquisition of the sites at Riverland, Borovets deferred consideration, based on the ultimate sales
values achieved, would have been payable to the vendors of the sites. In the consolidated balance sheet of BLD at 30 June 2008 the liability
for these deferred payments was included at an amortised cost of �5.1 million.

    Agreement in principle has been reached with the vendors for settlement of the liability by the immediate cash payment of �0.3 million
and the transfer of the economic benefit of the 54 remaining, unsold units at the Company's Harmony Hills development at a value of �2.0
million.

    This transaction concludes the Harmony Hills development and allows the Company to realise a profit on the development of approximately
�0.9m, an improvement (over previous estimates) of �0.2 million due to savings in selling costs for the 54 units. The Company will provide
the transferee with marketing and sales support at Harmony Hills for a further 12 months after the transfer. The Company will also repay the
outstanding bank loan of �2.0 million on the Harmony Hills development out of cash resources. 

    The overall increase in the book value of net assets is expected to amount to �2.3 million, equivalent to approximately 6p per share.
The increase in the adjusted net asset value per share after taking into account the professional valuation carried out at 30 June 2008
would be equivalent to approximately 5p per share.

    -Ends-
    For further information, please contact:

 Bulgarian Land Development      020 7067 0700
 Christo Iliev, Chief Executive
 Dimitar Savov, Executive
 Director
 Andrew Daw, Finance Director

 Collins Stewart Europe Limited  020 7523 8300
 Andrew Zychowski
 Helen Goldsmith 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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