BPD Bulgarian Prop.

RNS Number:6128K
Bulgarian Property DevelopmentsPLC
24 December 2007


FOR IMMEDIATE RELEASE 24 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

         ("Bulgarian Property Developments" or "BPD" or the "Company")


                                 RESULT OF AGM


     Board firmly of the view that Windsorville offer of 64 pence per share
             materially undervalues Bulgarian Property Developments

 Colliers CRE's valuation results in a Net Asset Value per share of between 75
                               pence and 98 pence

                  Board advises shareholders to take no action


At the Annual General Meeting held in London today all the resolutions were
passed.

As shareholders will be aware, Windsorville Investments Limited ("Windsorville")
has announced its intention to make a cash offer of 64 pence for each Bulgarian
Property Developments Share. In the announcement, Windsorville said that the
Offer would be final and would not be revised or amended under any
circumstances.

The Board remains firmly of the view that an offer at 64 pence per share
materially undervalues the Company.

As previously announced, Colliers CRE's valuation, adjusted for cash and other 
assets and liabilities, results in a NAV on a Current Value basis of between 75p 
and 90p per BPD share (depending on the outcome of an application for an 
increase in density at the Sofia Central Commercial Site) and of between 84p 
and 98p per share on a discounted Gross Development Value basis (as set out in 
the preliminary announcement dated 27 November 2007).  These figures reflect the 
fact that the Company has cash balances of approximately �26 million (equivalent
to 24p per share).

The Board will provide a more detailed response to shareholders in due course.
Meanwhile, the Board advises shareholders to take no action.

Enquiries:

Bulgarian Property Developments
Christian Williams (Chairman) +44 (0) 77 6805 5342
Ivo Hesmondhalgh (Joint Chief Executive) +44 (0) 79 6870 3395

Matrix Corporate Capital LLP (Nominated Adviser)
Stephen Mischler +44 (0) 020 7925 3393

Fairfax I.S. PLC (Adviser and Broker)
Simon Stevens +44 (0) 78 8751 6065
Cubitt Consulting

Simon Brocklebank-Fowler +44 (0) 20 7367 5100
                         +44 (0) 78 0261 3721
Brian Coleman-Smith      +44 (0) 78 0272 4400
James Verstringhe        +44 (0) 79 7054 4991


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 BPD, 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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