Reference is made to the share capital reduction in Black Sea Property AS (the
"Company") resolved by the Company's annual general meeting on 24 June 2024,
agenda item 7. Pursuant to such resolution, the Company's share capital shall be
reduced by NOK 20,219,858.80 by reduction of the par value of the shares from
NOK 0.25 to NOK 0.05.
The share capital reduction by decrease of the par value of shares has now been
registered with the Norwegian Register of Business Enterprises. The number of
shares remains unchanged. The reduction amount, NOK 20,219,858.80, will be
allocated to funds to be used pursuant to a decision by the general meeting. The
Company's net equity remains the same, and there is no distribution of capital.
Following registration of the share capital decrease, the Company's share
capital is NOK 5,054,964.70 divided into 101,099,294 shares, each with a nominal
value of NOK 0.05.
For further information, please contact:
Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no
About Black Sea Property AS:
Black Sea Property AS is a real estate company with holdings in a real estate
project on the Black Sea coast called Sunrise River Beach Resort. Sunrise River
Beach Resort is a partially completed project and will upon completion comprise
approximately 950 apartments as well as significant commercial space. Black Sea
Property AS has indirect ownership to the project and will work to finalize
Sunrise River Beach Resort, to realize the project's added value through the
sale of residential units and hotel operations.