Refinance the bridge loan
Bank refinancing of the Penchev facility, about €8 million, was the first priority for October 2026.
Since the AGM
Penchev 2 was extended in July
On 20 July 2026 the Penchev 2 loan, a facility of up to €2.0 million, was extended to 31 August 2027. The rate rose from 15% to 20%. €1,125,000 had been drawn. The table below is the position in the AGM presentation, dated 15 June 2026, before that notice.
31 Aug 2027
New maturity of Penchev 2
20%
Rate after the extension
€1,125,000
Drawn at the time of the notice
€18.3m
Combined on 1 Nov 2026, AGM basis
EPO Aheloy, 15 June 2026
| Lender | Principal | Monthly interest | Rate | Due | 1 Nov 2026 | Security |
|---|---|---|---|---|---|---|
| FIB, bank loan | €7,655,000 | €35,628 | ~5.5% | October 2037 | €7,052,000 | First-priority mortgage on the property |
| Penchev Consult | €7,400,000 | €100,437 | 18.0% | 31 October 2026 | €7,900,000 | 50% of the shares in EPO Aheloy |
| FIB, liquidity line | €300,000 | €3,715 | ~16.0% | November 2026 | €0 | First-priority mortgage on the property |
| Total | €15,355,000 | €139,780 | €14,952,000 | BSP owns 75% of EPO Aheloy |
Figures are 100% of EPO Aheloy. BSP’s ownership is 75%.
Black Sea Property AS, 15 June 2026
| Lender | Principal | Monthly interest | Rate | Due | 1 Nov 2026 | Security |
|---|---|---|---|---|---|---|
| Penchev 2 | €1,125,000 | €14,062 | 15.0% | 31 August 2026 | €2,210,000 | Pledge over EPOB shares |
| Shareholder loan no. 1 | €485,000 | €7,275 | 18.0% | 30 November 2026 | €685,000 | Unsecured |
| Seller credit | €500,000 | — | — | None | €500,000 | Unsecured |
| Total | €2,110,000 | €21,337 | €3,395,000 | 100% of the parent |
The €2,210,000 shown for Penchev 2 on 1 November 2026 assumed the facility was fully drawn, extended by a year, and repaid by 31 August 2027. The line items of the two November columns sum to the combined figure in the presentation, €18,347,000.
AGM outlook
The order of work
Cover the bank interest
After refinancing, the rent should carry the bank-loan cost.
Limit new equity
Further shareholder contributions were to be limited.
An exit at market
The sale process continues. The AGM was told it would not close before the loans expire.
Act 16 for building P
Official permission for use of building P was still open.
Other operating models
K and L, and the rent, were to be looked at for more revenue and EBITDA.
Debt table from the AGM presentation of 30 June 2026, prepared as at 15 June 2026. The extension of Penchev 2 is the Euronext notice of 20 July 2026.
Disclosures
Financing, as it changes
Extensions, drawdowns and the sale process are published as notices.