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Three existing directors have been voted off the board of Black Sea Property Fund at the requisitioned general meeting.
Alex Borelli and Trevor Hunt join Anthony Gardiner-Hillman on the Black Sea board.
The new strategy will focus on residential, holiday homes and distressed property in Bulgaria. Shareholders will have to approve the change in investing policy and the issue of shares in order to finance the strategy.
AG Capital will be appointed as investment adviser.
At 0.45p a share, Black Sea Property Fund is valued at £959,000. Following the payment of a special dividend, there was just over £460,000 in the bank and pro forma NAV was £480,000.
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