We hereby inform you that with the latest amendments of the Law on the Amendment and Supplement of the Markets of Financial Instruments Act (MFIA), promulgated in State Gazette, issue 34 of 12 May 2015*, any and all limitations and sanctions, as provided for in Ownership and Use of Agricultural Lands Act, on holding and acquiring agricultural land in the Republic of Bulgaria are dropped in relation to the business of any Bulgarian public company, including Advance Terrafund REIT.
Respectfully Yours,
Board of Directors
Advance Terrafund REIT
*Appendix:
Law on the Amendment and Supplement of the Markets of Financial Instruments Act
§ 60. The following amendments and supplements have been made in the Law on Public Offering of Securities:
7. In Art. 121: а) the previous text shall become para 1;
b) para 2 is created: „(2) Limitations under Art. 3, para 7, item 1 and 2 of the Ownership and Use of Agricultural Lands Act shall not apply for companies under Art. 110 herein and for companies under Art. 263 of the Law on the Activities of Collective Investment Schemes and Other Collective Investment Undertakings."
Law on Public Offering of Securities
Art. 110. (1) (Am. - SG issue 23 of 2009 , in effect as at 27 March 2009) A pubic company is a joint-stock company having its seat in the Republic of Bulgaria which:
1. has issued shares under the terms of initial public offering, or
2. (Am. - SG, issue 8 of 2003, in effect as at 01 March 2003, am. and supl. - SG, issue 39 of 2005, Am. - SG, issue 86 of 2006, in effect as at 01 January 2007) has entered in the register under Art. 30, para 1, item 3 of the Law on the Financial Supervision Commission emission of shares intended to be traded on a regulated market, or
3. (new - SG, issue 39 of 2005) has more than 10,000 shareholders in the last day of two consecutive calendar years.
Law on the Activities of Collective Investment Schemes and Other Collective Investment Undertakings
Art. 263. (formerly Art. 194 - SG, issue 109 of 2013, in effect as at 20 December 2013) A collective investment undertaking is also a company with special investment purpose, whose business activities are regulated by the Special Investment Purpose Companies Act.