Fairfax I.S. PLC has successfully raised a further £21.9m for Bulgarian Property Developments PLC (“BPD”) in a secondary placing of 34,250,000 ordinary shares of £0.25 per share (“Ordinary Shares”) at a placing price of £0.64 per Ordinary Share, representing a 32% increase of issued share capital.

BPD was incorporated in May 2004 and admitted to AIM January 2005, having raised £4.2 m. The BPD subsequently assembled and acquired a number of strategic sites in Sofia, including the two airport sites and ring road sites.

In January 2006 Fairfax raised £35m in new equity to enable BPD to acquire further and larger sites with a geographical spread involving the major cities in Bulgaria.

BPD has concentrated its strategy towards development of commercial property and in particular building distribution centres, retail centres and offices.

Placing statistics:

Listing Exchange: AIM
Listing Date: 3 July 2007
Money Raised: £21.9 million
Market capitalisation: £60.5 million
Nominated Adviser: Matrix Group
Nominated Broker: Fairfax I.S. PLC