SPFL Sofia Prop

 
TIDMSPFL 
 
Sofia Property Fund Limited (the "Company") 
 
                                   (AIM: SPFL) 
 
                          Extension of Option Agreement 
 
The  Directors of the Company announce the following variations of the terms  of 
the  option  agreement between its wholly-owned subsidiary, Splendid  Investment 
S.A.  ("Splendid") and Enderton Company Assets Inc ("ECA") in respect  of  Black 
Sea  Properties EOOD ("BSP"), a company whose sole asset (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 
(the "Option Agreement"). 
 
Under  the  terms of the Option Agreement, dated 21 January 2009,  Splendid  was 
granted an option that entitled 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. This option was required to be exercised by 15 December 2009. 
 
Under  the  terms of the amended agreement the term of the Option Agreement  has 
been extended until 28 February 2010 while the aggregate exercise price has been 
increased to EUR4,700,000. There is no up front cost to the Company in extending 
the Option Agreement. 
 
The  Company continues to explore all available funding options for, inter alia, 
working   capital   and the exercise of the Option Agreement. Such  funding  may 
take the form of asset disposals or an issue of equity. 
 
Further announcements will be made as appropriate. 
 
For further information contact: 
 
Sofia Property Fund Limited 
Charles Burton 
 
Panmure Gordon (UK) Limited 
Dominic Morley 
Stuart Gledhill 
Tel: +44 (0) 20 7459 3600 
 
Conduit PR Ltd 
Ed Portman 
Leesa Peters 
Tel: +44 (0) 20 7429 6607 / +44 (0) 7733 363 501 
 

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