Black Sea Property PLC - property developer in Bulgaria - Raises an additional EUR4.4 million through issue of unsecured loan notes to "certain existing" shareholders. Says the proceeds have been used to pay a further tranche of the consideration for the EUR28 million majority stake acquisition of Grand Hotel Varna AD, owner of Bulgarian company GHV-Dolphins EAD which has three hotels and a beach marine resort on the Black Sea Coast, as announced in late July. Says the balance of the consideration, amounting to EUR15.5 million, is due by the end of October.
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By Greg Rosenvinge, Alliance News reporter
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