Trade With the Rights of ERG Capital -3 Starts July 20

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The initial sell-off of the rights from the capital increase of ERG Capital-3 REIT-Sofia starts June 20, 2007 in a closed mixed auction, BSE announced.

The bourse code assigned to the emission is R1ERGC3 and it will be held between 9.30h and 11.00h. Secondary trade with the emission, under the bourse code R2ERGC3, also strarts June 20 and the final date for the trade is July 3, 2007.

The company is increasing capital from 1.4 mln leva to 2.1 mln leva via the offering of 700,000 shares with a face value of 10 leva and issue value of 20 leva.

The number of rights issued is 700,000 and each of them can be used for the subscription of 1 new share. The final date for subscribing shares from the capital increase is July 26, 2007.

The bourse member authorised to carry out the initial sale of the rights is CB Bulgarian American Bank. The bank account will be opened in CB United Bulgarian Bank.

Bulgarian – American Investment Fund AD controls 70% of the company's capital while Frank Bauer and Michael Hansberger own 7.86 and 7.50% respectively.

The company's main activity is on the market of commercial areas - that is the construction, renting and sale and purchase in Bulgarian cities with a population of more than 250,000 people. The investment aim is the development of the acquired properties with commercial purpose – commercial centers, hypermarkets, malls, warehousesand logistics centers which the company later rents to others.

ERG Capital currently owns two properties - the Yavor project in Varna and the Zagora project in Stara Zagora.

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