Black Sea Property AS: Mandatory Notification of Trade

13 Nov 2024 19:04 CET

Reference is made to the stock exchange notice by Black Sea Property AS ("BSP"
or the "Company") on 4 October 2024, regarding the final result of the rights
issue of between 107,382,966 to 150,000,000 new shares in the Company, (the
"Rights Issue"), of which an underwriting consortium (jointly the
"Underwriters") agreed to underwrite subscription of new shares for gross
proceeds of NOK 12,885,956. Pursuant to the underwriting agreement for the
Rights Issue (the "Underwriting Agreement"), the Underwriters are entitled to an
underwriting commission, which shall be settled in newly issued shares in the
Company at the same subscription price as the shares in the Rights Issue, NOK
0.12 per share (the "Fee Shares").

Reference is further made to the to the stock exchange notice by BSP on 12
November 2024 regarding the Company's board of directors' resolution to increase
the share capital with NOK 536,914.65, through issuance of 10,738,293 Fee
Shares. The Fee Shares have now been formally subscribed.

The following close associates to primary insiders have subscribed for Fee
Shares in the Rights Issue:

- MTB Invest AS, a close associate of Egil Melkevik, the chairman of the board
of the Company, has subscribed for 2,792,974 Fee Shares in the Rights Issue:
- North Bridge Management AS, a close associate of Dag Espen Arnesen, a board
member in the Company, has subscribed for 18,353,831 Fee Shares in the Rights
Issue;
- DEA Holding AS, a close associate of Dag Espen Arnesen, a board member in the
Company, has subscribed for 1,795,483 Fee Shares in the Rights Issue;
- Christinedal AS, a close associate of Hans Fredrik Gulseth, a board member in
the Company, has subscribed for 15,959,853 Fee Shares in the Rights Issue;
Rødningen Invest AS, a close associate of Kåre Rødningen, a board member in the
Company, has subscribed for 1,396,487 Fee Shares in the Rights Issue.

Please refer to the attached notification forms for further information.

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation article 19.

For further information, please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no

About Black Sea Property AS:

Black Sea Property AS is a real estate company with holdings in a real estate
project on the Black Sea coast called Sunrise River Beach Resort. Sunrise River
Beach Resort is a partially completed project and will upon completion comprise
approximately 950 apartments as well as significant commercial space. Black Sea
Property AS has indirect ownership to the project and will work to finalize
Sunrise River Beach Resort, to realize the project's added value through the
sale of residential units and hotel operations.

More information:
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632123_241113 - Notification form - DEA Holding AS - Shares - v1(2283441.1).pdf
632123_241113 - Notification form - MTB Invest AS - Shares - v1(2283437.1).pdf
632123_241113 - Notification form - North Bridge Management AS - Shares - v1(2283438.1).pdf
632123_241113 - Notification form - Rødningen Invest AS - Shares - v1(2283451.2).pdf
632123_241113 - Notification form - Christinedal AS - Shares - v1(2283446.1).pdf