Disposal Disposal and Option to Repurchase


 
TIDMLCSS 
 
LEWIS CHARLES SOFIA PROPERTY FUND LIMITED 
                        DISPOSAL AND OPTION TO REPURCHASE 
 
Lewis  Charles  Sofia Property Fund Limited (the "Company") announces  that  its 
wholly-owned subsidiary, Splendid Investment S.A. ("Splendid"), has entered into 
an  agreement with Enderton Company Assets Inc ("ECA"), a company registered  in 
the  British Virgin Islands, under which ECA will acquire the share  capital  of 
Black  Sea Properties EOOD ("BSP") from Splendid for a nominal consideration  in 
cash.  The  sole asset of BSP (referred to as Sofia Kambanite Bistritsa  in  the 
Company's  accounts) is 100,713 sq meters of land close to  the  Sofia  Business 
Park and near the bottom of the Vitosha mountain. 
 
As  part  of  these arrangements, Splendid has undertaken to transfer  aggregate 
indebtedness  of  EUR2,360,000 due to it from BSP to ECA for a consideration  of 
EUR1,720,000 in cash and ECA has undertaken to procure the repayment by  BSP  of 
indebtedness  of EUR135,000 due to the Company. These transactions will  provide 
the Company with cash for general corporate purposes. 
 
Also  as  part  of these arrangements, ECA has granted Splendid an option  which 
entitles  Splendid  to  acquire  back from ECA control  of  BSP  and  the  loans 
originally held by Splendid for an aggregate exercise price of EUR4,000,000. The 
option must be exercised by 15 December 2009. 
 
The  land held by BSP has outline permission for residential development and was 
valued by Forton International at 30 June 2008 at EUR26,900,000. 
 
Charles Burton, Chairman of the Company, said "These are exceptionally difficult 
conditions in which to raise cash, and the transaction was arranged against  the 
backdrop  of  the  continuing severe shortage of bank  finance.  The  Directors, 
whilst mindful of their responsibility to ensure that the Company has sufficient 
cash  to  continue its operations, were determined to preserve as  much  of  the 
value  of  the  Company's portfolio as possible. We were especially  anxious  to 
avoid  a  `fire  sale' which would have permanently damaged  the  value  of  the 
Company's excellent property portfolio. This transaction has enabled the Company 
to  raise  cash  whilst  preserving as much of the value  of  the  portfolio  as 
possible." 
 
Lewis Charles Sofia Property Fund 
Loraine Pinel, Fund Manager 
Mark Anderson, Fund Manager 
Tel:  +44 20 7456 9114 
 
Panmure Gordon, Nominated Adviser and Broker 
Dominic Morley 
Stuart Gledhill 
Tel:  +44 20 7459 3600 
 
Conduit PR Ltd 
Ed Portman 
Ben Way 
Tel:  +44 20 7429 6607/Mob:  +44 7733 363 501

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