Bulgarian property developer Orchid Developments said it was continuing to make strong progress and is actively looking for new sites.

Chairman David Holland said, We remain confident that Orchid can continue to pursue exciting and profitable opportunities in both the commercial, residential and retail markets and will continue to pursue land acquisitions in our key areas, Sofia and Varna.

Orchid reported a pre-tax net loss of 1.175m for the year to December from 953,000 a year earlier, as a result of the scaling up of its development team, on revenues of 3.41m during the period from 1.14m last time.

The group added that property developments remain ahead of expectations having acquired three new development plots in central Varna since its IPO for 21m.

We are actively seeking to acquire further sites, with an increased focus on retail space, taking advantage of the greater financial resources and credibility gained as a result of our IPO, said the group.

http://www.growthcompany.co.uk/recommendations/25300/orchid-developments.thtml
http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=81415
http://www.orchid-dev.com/

another fantastic day :-))))))))))))))))))))
20p + in sight!! lol

maybe 20p tomorrow lol!!!

:-))

http://www.moneyam.com/action/news/showArticle?id=4301529

cheers dc - yep that transaction was 30/1 and long since swallowed up - good day today on the spike :-)) - expecting more here lots happening / be great if the t/o talk mentioned in the rns a few days ago turns into a bidding war - nav is not far off 80p even at a hefty discount should get 20p minimum ref directors 20p buys et cetera!! dont know if you have been in here if not definitely worth considering - roll on tomorrow again

Update on preliminary approach from third party
RNS
RNS Number : 6037X
Orchid Developments Group Ltd
17 February 2012

AIM: OCH

17 February 2012

Orchid Developments Group Ltd

("Orchid" or the "Company")

Update on preliminary approach from third party

Further to the announcement made on 14 February, Orchid, the specialist investor in the Bulgarian real estate and leisure market, confirms that the preliminary discussions with a third party did not lead to an indicative offer for the Company ("Offer") being made and that, therefore, the discussions regarding an Offer have now terminated

Orchid Developments in need of capital injection
StockMarketWire.com
Orchid Developments reports that the economic environment in which the Group is operating remains extremely difficult, and seeks additional capital to stay in operation.

The quantum of free cash flow, which may be generated in the short to medium term including from the sales of apartments and other assets, remains difficult to predict and unclear. In addition, the margin of forecast available cash over requirements, as stated on 3 July 2012, remains modest.

Most recently, the sale of an asset which the Group's board had anticipated did not proceed as planned for reasons beyond the control of the Group.

In addition, the Group cannot be certain that it can continue to operate with the full support of its creditors. The consequences of these factors mean that the cash position of the Company is more uncertain than forecast at the time of the announcement made on 3 July 2012.

As a result, the Directors believe that the Group is likely not to be able to operate as planned, unless additional capital is raised. Consequently, the Board is considering the best manner in which to address its immediate working capital needs. A further announcement will be made in due course.

Good recovery today.

Court award against Orchid Sofia Hills Ltd
RNS
RNS Number : 2939L
Orchid Developments Group Ltd
03 September 2012

3 September 2012



Orchid Developments Group Ltd.

("Orchid" or the "Group")



Court award against Orchid Sofia Hills Ltd and update re financial position



Orchid (AIM: OCH), the Bulgarian focused property developer and investor, announces a court award against Orchid Sofia Hills Ltd and update of its financial position. As reported in the Group's interim results for the period ended 30 June 2011 (released on 30 September 2011) there were two court cases pending in Sofia City court between Consortium Remi Group JCS (the general building contractor for the Group's Orchid Hills development in Sofia) and Orchid Sofia Hills Ltd.

In the first court case, the court found in favour of Orchid Sofia Hills Ltd in relation to the retention of €186,000 by Orchid Sofia Hills Ltd as a deduction for low quality execution of works by Consortium Remi Group JCS, which was claiming €197,710.

In the second court case, Consortium Remi Group JCS had made claims relating to a delay of 58 days in the payment of 4 invoices by Orchid Sofia Hills Ltd to Consortium Remi Group JCS. The amount claimed was for the interest relating to the delay in payment of the invoices. The Sofia City court found in favour of Consortium Remi Group JCS and awarded an amount of €213,000, of which €36,211 was seized from the bank accounts of Orchid Sofia Hills Ltd in July 2011 (as previously announced).

The Board has since learned that the Sofia City court has allowed Consortium Remi Group JCS to appoint a new bailiff in relation to the outstanding claim. This bailiff has taken possession of the remaining 12 apartments held for sale in Orchid Sofia Hills and is preparing to sell these at public auction to satisfy the outstanding court award.

Orchid Sofia Hills Ltd is a ring-fenced subsidiary of the Group, however, the 12 seized apartments can no longer be expected to be sold for the benefit of the Group.

As announced on 16 August 2012, the Directors believe that the Group will not be able to continue to operate, taking into account its current cashflows, unless additional capital is raised. The Board is continuing to evaluate the best manner in which to address its immediate working capital needs. A further announcement will be made in due course.

1