Doc re. (audited accounts)
22 Octubre 2007 - 10:20AM
UK Regulatory
RNS Number:1356G
Madara Bulgarian Property Fund
22 October 2007
22 October 2007
MADARA BULGARIAN PROPERTY FUND LIMITED (the 'Fund')
Audited accounts for the period from 28 April 2006 to 30 June 2007
A copy of the above document has been submitted to the Jersey Financial Services
Commission and will shortly be available for inspection at their Document
Viewing Facility, which is situated at:
Jersey Financial Services Commission
14-18 Castle Street
St Helier
Jersey JE4 9QD
Channel Islands
The document will also be available on the Fund's website at:
www.madaracapital.com (under 'Investor Relations' and 'Financial Results').
Valuation of the Fund's real estate investments
The Fund has appointed Savills (L & P) Limited as valuer to provide a full open
market valuation of its property portfolio on a semiannual basis. Based on this
valuation, the audited net asset value per ordinary share at 30 June 2007 was
Euro1.37.
Adjustments since release of unaudited interims on 28 September 2007
An additional accrual of approximately Euro130,000 was added to the cost of
development. Therefore Euro130,000 was added on to development expenditure,
increasing it from Euro80,332 to Euro210,332, and also added onto other liabilities
and payables, increasing it from Euro3,240,045 to Euro3,370,045.
Equity shareholders' funds remained unchanged at Euro35,207,135, therefore there
was no change to the stated NAV per share.
For further information:
Scott Perkins Madara Capital LLP +44 (0) 20 7534 3338
Chief Executive
Tom Griffiths Arbuthnot Securities Limited +44 (0) 20 7012 2085
Richard Wood
Jonathan Gollins M:Communications +44 (0) 20 7153 1269
Marylene Guernier
This information is provided by RNS
The company news service from the London Stock Exchange
END
DOCBUBDGLBDGGRD
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