Madara Bulgarian Properties To Raise 2.5 Mln Euros; Posts Bigger H1 ... - Forbes

LONDON (Thomson Financial) - Madara Bulgarian Property Fund said it plans to raise up to 2.5 million euros via the issue of up to 3,676,471 new ordinary shares in the company, representing approximately 9.8 percent of the issued ordinary shares in the company, at 0.68 euros per ordinary share.In a statement issued alongside an interim report showing a bigger first-half operating loss, the company said work on its projects progressed slower than expected and that it needs more funds to continue its operations until a deal on its Black Sea Gardens project is reached. Madara will issue 3.67 million shares at 0.68 euros apiece.For the six months to June 30, the company's loss from operations rose to 862,022 euros from 778,914 euros last year.