For immediate release
22 July 2014

The Black Sea Property Fund Limited Final Return of Capital

The Board of Directors is pleased to announce a final return of capital of £321,247 or 0.15 pence per share. This distribution follows the sale of the last property asset owned by the Company, Borovetz land, as announced on 16th July 2014. The shares are expected to trade ex-entitlement on 29th July 2014 and the share registrar expects payment to be made on or around 5th August 2014. Shareholders should not expect any further returns of capital.

The Board expects to put a special resolution to shareholders shortly concerning the winding up or other ultimate disposition of the Company.


Company Secretary
SJ Secretaries Limited         +44 (0) 1534 850 750

Nominated Adviser
N+1 Singer      +44 (0) 207 496 3000
James Maxwell / Nick Donovan