For immediate release
21 December 2015

Update on possible implementation

Further to the statement made by the Company on 15 July 2015 regarding inter alia, the Company’s suspension of trading on AIM (“Suspension”), the need to implement the Company’s investing policy and the potential cancellation of the Company’s shares to trading on AIM, the Company provides the following update to Shareholders

The Company has identified a number of potential property investments which the Directors consider would, if made, be in accordance with its investing policy and which would account for a substantial proportion of the Company’s funds. However, these investments remain subject to completion of due diligence (which is not expected to present timing issues) and determination as to whether AIM considers that the Company will have substantially implemented the Company’s investing policy upon completion of these investments as is required by the AIM Rules.

As previously disclosed, if the investing policy has not been substantially implemented within 6 months of Suspension, being 16 January 2016, the admission of the Company's shares to trading on AIM will be cancelled and the Directors will convene a general meeting of the Shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back to Shareholders. The Directors are urgently seeking to resolve this issue with a view of best protecting the interests of Shareholders and, if appropriate, preparing and completing the investment process before 16 January 2016. However, the Directors now consider that there is a risk that the Company will not be deemed to have implemented its investing policy before 16 January 2016, in which case the admission of the Company's shares to AIM will be cancelled.

The Company will update Shareholders as and when further information is available.

For further information please contact:

The Black Sea Property Fund Limited
Alex Borrelli, Chairman         +44 (0)7747 020600

Cairn Financial Advisers LLP
Nominated Adviser         +44 (0) 207 148 7900
Sandy Jamieson
Emma Earl

Peterhouse Corporate Finance Limited
Sole broker         +44 (0) 207 469 0930
Heena Karani
Charles Goodfellow