BPD Bulgarian Prop.

RNS Number:6742K
Windsorville Investments Ltd.
27 December 2007

Windsorville Investments Ltd

27 December 2007

FOR IMMEDIATE RELEASE

Cash Offer

by

Windsorville Investments Ltd

for

Bulgarian Property Developments PLC

Further to the announcement on 14 December 2007 by Windsorville Investments Ltd
("Windsorville") regarding the cash offer by Windsorville for all of the issued
and to be issued share capital of Bulgarian Property Developments plc
("Bulgarian Property Developments"), Windsorville is pleased to announce that
the Offer Document and the Form of Acceptance relating to the Offer were posted
to Bulgarian Property Developments' shareholders on 24 December 2007.

Capitalised terms used, but not defined, in this announcement have the same
meaning as given to them in the Offer Document.

The Offer is final and will not be revised or increased in any circumstances.

As set out in the Offer Document, acceptances of the Offer should be received by
no later than 3.00p.m. (London time) on 18 January 2008, and the Offer will not
be extended beyond this date unless it becomes or is declared unconditional as
to acceptances, or if a competitive situation arises.

If a competitive situation arises after the "no extension" statement (as
referred to in the Code) that Windsorville has made in connection with the Offer
by way of the Offer Document, Windsorville has reserved the right (with the
consent of the Panel) to choose not to be bound by or to withdraw the "no
extension" statement and be free to extend the Offer provided it complies with
the requirements of the Code and in particular that:
          
     (i)  it announces the withdrawal of such statement as soon as possible and 
          in any event within four business days of the firm announcement of
          the competing offer;
          
     (ii) it notifies Bulgarian Property Developments Shareholders to that 
          effect in writing at the earliest opportunity or, in the case of 
          Bulgarian Property Developments Shareholders with registered addresses 
          outside the United Kingdom or whom Windsorville knows to be nominees, 
          custodians or trustees holding Bulgarian Property Developments Shares 
          for such persons, by announcement in the United Kingdom at the 
          earliest opportunity; and
          
     (iii)any Bulgarian Property Developments Shareholder who accepted the Offer 
          after the date of the "no extension" statement is given a right of 
          withdrawal in accordance with paragraph 3(c) of Part B of the Offer
          Document.

Copies of the Offer Document and the Form of Acceptance will be available for
inspection during normal business hours on any business day at Allen & Overy at
1 Bishops Square, E1 6AO while the offer remains open for acceptance.

ENQUIRIES

Citi (Financial Adviser to Windsorville)
                                                  +44 (0)20 7986 4000

Ian Hart

Grant Kernaghan

Citi, which is authorised and regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively as financial adviser to Windsorville
and no one else in connection with the Offer and this announcement and will not
be responsible to anyone other than Windsorville for providing the protections
afforded to clients of Citi nor for providing advice in connection with the
Offer or this announcement or any matter referred to herein.

This announcement does not constitute an offer to sell or solicitation of an
offer to purchase or subscribe for any securities pursuant to the Offer or
otherwise. The Offer is being made by the Offer Document and (in respect of
certificated Bulgarian Property Developments shares) the form of acceptance
accompanying the Offer Document, which will contain the full terms and
conditions of the Offer, including details of how the Offer may be accepted. The
laws of relevant jurisdictions may affect the availability of the Offer to
persons not resident in the United Kingdom. Persons who are not resident in the
United Kingdom, or who are subject to the laws of any jurisdiction other than
the United Kingdom, should inform themselves about, and observe, any applicable
requirements.

The Offer is not intended to be made, directly or indirectly, in, into or from
Australia, Canada, Japan or the United States and the Offer will not be capable
of acceptance from or within Australia, Canada, Japan or the United States.

Accordingly, copies of this announcement are not being, and must not be,
directly or indirectly, mailed or otherwise forwarded, distributed or sent in,
into or from Australia, Canada, Japan or the United States and persons receiving
this announcement (including custodians, nominees and trustees) must not mail or
otherwise distribute or send it in, into or from such jurisdictions, as doing so
may invalidate any purported acceptance of the Offer.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any
person is, or becomes, "interested" (directly or indirectly) in one per cent. or
more of any class of "relevant securities" of Bulgarian Property Developments,
all "dealings" in any such "relevant securities" (including by means of an
option in respect of, or a derivative referenced to, any such "relevant
securities") must be publicly disclosed by no later than 3.30 pm (London time)
on the London business day following the date of the relevant transaction. This
requirement will continue until the date on which the Offer becomes, or is
declared, unconditional as to acceptances, lapses or is otherwise withdrawn or
on which the "offer period" otherwise ends. If two or more persons act together
pursuant to an agreement or understanding, whether formal or informal, to
acquire an "interest" in "relevant securities" of Bulgarian Property
Developments, they will be deemed to be a single person for the purpose of Rule
8.3. Under the provisions of Rule 8.1 of the Code, all "dealings " in "relevant
securities" of Bulgarian Property Developments by Windsorville or by Bulgarian
Property Developments, or by any of their respective "associates", must be
disclosed by no later than 12.00 noon (London time) on the London business day
following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk . "Interests in securities" arise, in summary, when
a person has long economic exposure, whether conditional or absolute, to changes
in the price of securities. In particular, a person will be treated as having an
"interest" by virtue of the ownership or control of securities, or by virtue of
any option in respect of, or derivative referenced to, securities. Terms in
quotation marks are defined in the Code, which can also be found on the Panel's
website. If you are in any doubt as to whether or not you are required to
disclose a "dealing" under Rule 8, you should consult the Panel.




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

Bulgarian Property Developments (LSE:BPD)
Historical Stock Chart
From Jun 2024 to Jul 2024

Bulgarian Property Developments (LSE:BPD)
Historical Stock Chart
From Jul 2023 to Jul 2024