Lewis Charles Sofia Property Fund, a London-listed vehicle focused on investment in Bulgaria, said on Wednesday that it is proposing shareholders to make 'certain amendments to its articles of incorporation' which would allow it to obtain funding to exercise a buy-back option on a 100,000 m[sup]2[/sup] site in Sofia, Bulgaria.
Lewis Charles Sofia Property Fund, a London-listed vehicle focused on investment in Bulgaria, said on Wednesday that it is proposing shareholders to make 'certain amendments to its articles of incorporation' which would allow it to obtain funding to exercise a buy-back option on a 100,000 m2 site in Sofia, Bulgaria.
The fund sold the property to Enderton Company Assets in January this year and was granted an option to repurchase it until December 15. The site offers over 100,000 m2 of gross space located close to the Sofia Business Park.
As the company is 'facing a tight cash position' at present, Lewis Charles Sofia Property Fund said it has been examining ways to raise the funding needed to exercise the buy-back option. The property fund is now seeking to change some of its articles of incorporation to allow it to issue new shares to fund the deal. Under the current articles, the company is prohibited from issuing shares at a discount to the company's net asset value per share, at which it is currently trading.
Finally, the company announced that it is planning to change its name to Sofia Property Fund.
