LCSS Lewis Charles (See LSE:SPFL)

 
TIDMLCSS 
 
Lewis Charles Sofia Property Fund Limited (the "Company") 
 
                    Update on Option Agreements with BuySell 
 
 
On 21 November 2005 the Company announced that it had exercised seven options to 
purchase  properties  in Sofia situated in the Vitoshavets Simeonovo,  Krustovat 
and  Dragalevtsi  areas of Sofia. These properties comprised residential  villas 
and  apartment developments, together with shops, some small offices and parking 
to  be  developed by BuySell Real Estate Agent Limited ("BuySell"), a  Bulgarian 
incorporated  property development company. On exercise  of  these  options  the 
Company paid a deposit to BuySell of EUR 9,150,471 plus an indexation allowance, 
retaining  the  liability to pay the outstanding balance of the  purchase  price 
(being 400 per cent. of the deposit) on final completion of construction if  the 
properties had not previously been sold to third parties. The audited  financial 
statements  of  the  Company for the year ended 31 December 2005  recorded  this 
contingent liability at EUR 36,601,885. 
 
In February 2008 the Company completed the purchase of one of the properties and 
in  May 2008, 11,272 square metres of build area were sold by BuySell to a Greek 
insurance  company.  Following  these transactions  and  further  reductions  of 
outstanding  liabilities, the contingent liability was  estimated  to  stand  at 
around EUR 28.9 million as at 28 February 2009. 
 
The  Company has received legal advice that BuySell is in default under  all  of 
the  option  agreements in place and announces that it has today served  notices 
giving BuySell until 17 April 2009 to perform its obligations under each of  the 
option agreements. If BuySell fails to perform its obligations by this date, the 
Company will rescind the relevant option agreement due to non-performance.  Once 
rescission is effective, the Company will be entitled to claim from BuySell  all 
payments  made  under  each option agreement, including  all  deposits,  and  in 
addition to receive a sum equivalent to the deposit by way of penalty. 
 
Further announcements will be made as appropriate. 
 
 
 
For further information contact: 
 
Lewis Charles Sofia Property Fund 
Charles Burton 
Tel: +44 (0) 20 7936 9910 
 
Panmure Gordon (UK) Limited 
Dominic Morley 
Stuart Gledhill 
Tel: +44 (0) 20 7459 3600 
 
Conduit PR Ltd 
Ed Portman 
Leesa Peters 
Tel: +44 (0) 20 7429 6607 / +44 (0) 77 3336 3501 
 

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