REIT FAIRPLAY PROPERTIES -SPARK INTEREST

21.02.2008

About 41 per cent of the corrects issued as part of the capital raise of native properties investment trust FairPlay Properties, a unit of estate contractor FairPlay International, have not been picked up by investors and will be void.
Of the 20 830 880 only 61 100 sudden rights were completed at the February bourse auction.
This means that if the remaining rights are exercised and depositor signed and then pay up the part to which they are entitled, the company will raise capital by around 60 per cent of the target amount.
The REIT is currently performing its 5th capital increase from 50.7 million to 60.84 million lv.
For the intention of the raise, FairPlay Properties is proposing 10.14 million new parts with an publication price of 2.25 lv. per lot. The firm placed 50.7 million rights.
50 per cent is the minimum subscription target. The board chairman Manyu Moravenov announce
That the business plans of the company are based on a 50 per cent capital raise in light of the present market environment.
The REIT has already issued debt and the design pipeline would require bank financing rather than the placement of more bonds, said the company official.
The fund's investment projects comprise the 3th phase of the Santa Marina vacation village near Sozopol, the Rila Lake Resort growth near Panichishte and a handful of other plans in the Sandanski, Chernomorets and Bansko areas.

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