Black Sea Property AS – Cancellation of sale and purchase agreement for sale of subsidiary EPO Bulgaria from the Buyer

18 Nov 2025 14:20 CET

Reference is made to the stock exchange notice from Black Sea Property AS (the
"Company") on 11 November 2025 regarding the entry into of a preliminary sale
and purchase agreement for the sale of the Company's 99% shareholding in EPO
Bulgaria (the "SPA"), a subsidiary of the Company.

The Company's Board of Directors has now received notice from the buyer entity
under the SPA (the "Buyer") that the Buyer will not be able to proceed with the
transaction due to not being able to secure the required funding.

As noted in the Company's stock exchange notice from 11 November 2025, the Buyer
was a newly established and not yet capitalized Bulgarian company, and that
there was substantial risk that a closing of the transaction would not take
place. This risk has now, unfortunately, materialized. The Company will assess
its options going forward and will provide further information in due course.

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.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17. This stock exchange announcement was published by
Egil Melkevik, Chairman, at the time and date provided.

More information:
Access the news on Oslo Bors NewsWeb site