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An extraordinary General Meeting of Shareholders of Expat Beta REIT was held

21.11.2011 / Press releases

Today, 21 November 2011, an extraordinary General Meeting of Shareholders of Expat Beta REIT was held.

One of the issues in the agenda was a proposal for issuing a bond. During the Meeting, the representatives of the Board of Directors of Expat Beta REIT recommended on this topic to be voted AGAINST. The arguments were the changed conjuncture on the real estate market, as well as the deteriorating economic situation in Bulgaria and Europe. Nicola Yankov, Investor Relations Manager of the REIT, said that Expat Beta always seeks to minimize the risk for its shareholders, and now the comparison between the expected benefits and the possible risks is not in favour of the company. He explained that Expat Beta will continue to monitor the real estate market and will consider potential new investment projects.

With an absolute majority of the represented shares, the proposal for issuing a bond was rejected, but the General Assembly authorized the Board of Directors of Expat Beta REIT to take such a decision in future, if the Board finds that the conditions are more favourable for such an operation.