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The owners would like to have a share in the management. As Aheloy Owners will own 14 285 sq.m. of residential properties if we hit our target of €7.5 million they can swap a percentage of the residential property for the commercial space owned currently by Aheloy Residence. This will be swapped at the same price per sqm.

Commercial management space included all the chamber maid rooms and reception areas, office, security, storage etc. The total area is 5000sqm. So for example if they swapped 1250 sqm from Aheloy Owners they can own 25% of the management. ABC commercial want to retain 50% of the management.

The Norwegian buyers have nominated Mr. Dag Johan Molvear to represent the buyers on the Aheloy Owners Board. The Irish customers are also in a process of nominating an individual to represent the buyers on the board.

Bridge - There will be no bridge in the development. A pedestrian bridge may be a possibility in the future but there is no funds for this in the rescue plan.

 

Beach - The government will complete the project for coastal protection which includes the area in front of our development. This will go ahead regardless of any improvements we decide to make to the beach. Also if a beach is upgraded and paid for by Aheloy Residence will still have to enter a tender in order to lease the beach back as no one can own beaches in Bulgaria. For example we spent a lot of time and money making improvements to the Beach in front of Sunset Resort - however we lost the tender and now all guests must pay to use the beach.

Also any improvements to the beach will benefit all the owners in Aheloy including Aheloy Phase 1 and 3 so they should also contribute to any improvements.