BPD Bulgarian Prop.

RNS Number:2959J
Bulgarian Property DevelopmentsPLC
06 December 2007


FOR RELEASE                         07.00                      06 December 2007


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES


                      Bulgarian Property Developments PLC
                                    ("BPD")

The Board of BPD has discussed with its advisers the announcement by
Windsorville Investments Ltd ("Windsorville") that any offer for BPD, if made,
would be in cash at a price of 64p per share and that this possible offer price
is final and would not be revised or increased in any circumstances.

The Board and its advisers, Matrix Corporate Capital LLP and Fairfax I.S PLC,
are firmly of the view that an offer at 64p per share would substantially
undervalue the Company. No offer has been made, but the Board has unanimously
agreed that if an offer were to be made at 64p per share, it would not be
recommended.


The Board recommends that shareholders take no action which might enable
Windsorville to acquire BPD at a substantial discount.


Enquiries:

Bulgarian Property Developments
Christian Williams (Chairman)                      +44 (0) 20 7488 0778
Ivo Hesmondhalgh (Joint Chief Executive)           +44 (0) 20 7243 1336

Matrix Corporate Capital LLP (Nominated Adviser)
Ken Vere Nicoll                                    +44 (0) 20 7925 3388

Fairfax I.S. PLC (Adviser and Broker)
Simon Stevens                                      +44 (0) 20 7598 4034

Cubitt Consulting
Michael Henman                                     +44 (0) 20 7367 5100


Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any
person is, or becomes, 'interested' (directly or indirectly) in 1 per cent or
more of any class of 'relevant securities' of BPD, all 'dealings' in any
'relevant securities' of that company (including by means of an option in
respect of, or a derivative referenced to, any such 'relevant securities') must
be publicly disclosed by no later than 3.30 pm (London time) on the London
business day following the date of the relevant transaction. This requirement
will continue until the date on which the offer becomes, or is declared,
unconditional as to acceptances, lapses or is otherwise withdrawn or on which
the 'offer period' otherwise ends. If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire an
'interest' in 'relevant securities' of BPD, they will be deemed to be a single
person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of BGP, or by any of their respective 'associates', must be
disclosed by no later than 12.00 noon (London time) on the London business day
following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a 'dealing' under Rule 8, you should consult the Panel.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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