Entrepreneur Joe Lewis is likely to success in his bid to take over Bulgarian Property Developments after the board recommended shareholders accept the offer.

The AIM-listed company said in a statement to the Stock Exchange this afternoon that shareholders could be left with only a minority stake if Lewis’ company Windsorville took Bulgarian Property Developments private.

Windsorville said earlier this month that it intended to delist Bulgarian Property Developments from AIM and register it as a private company and compulsorily acquire the remaining shares in the company not already owned by Windsorville.

The board of Bulgarian Property Developments said today: ‘In the board’s view, it is possible that Windsorville will reach the 75% level at which Bulgarian Property Developments will be de-listed. If this were to happen, remaining Bulgarian Property Developments shareholders will become minority shareholders in a privately controlled unlisted company. There will be no market in the company’s shares, so that shareholders may be unable to sell their Bulgarian Property Developments shares, and there can be no certainty that any dividends or other distributions will be made by Bulgarian Property Developments or that shareholders will again be offered as much as 16p per Bulgarian Property Developments share.

‘Accordingly, the directors of Bulgarian Property Developments believe that the interests of shareholders are likely to be better served by accepting the offer as they intend to do in respect of their shareholdings which amount to 967,936 Bulgarian Property Developments shares, representing approximately 0.9% of Bulgarian Property Developments’ issued share capital.’

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