At a session held on June 15, 2005, the Financial Supervision Commission (FSC) adopted the following Resolutions:



1.  The Commission issued a temporary prohibition on the publication of a tender offer submitted by Tourist Trust SPLTD., Sofia City, for the purchase of shares of Intertravelservice JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Capman Inc., Sofia City.
 
   2. The Commission approved a prospectus for initial public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable shares, having nominal value of BGN 10 each and issuance value of BGN 30 each, issued by Sturgeon AquaFarms Bulgaria, LLC., Sofia City, as a result of increase in the company’s capital.
The Commission entered into the FSC’s Public Registry the company as an issuer and the aforesaid issue of shares (undergoing an issuance procedure).

 3. The Commission issued a licence to BenchMark Asset Management PLC to undertake the following activities as a management company:
• management of the activities of collective investment schemes and of closed-end investment companies, including:
• investment management;
• units or shares administration, including legal advisory services and accounting services in connection with asset management, investors’ requests for information, asset valuation and units or shares’ price calculation, control over the observation of the legal requirements, keeping the book of the unit holders or the shareholders, distribution of dividends and other payments, issuance, sale and repurchase of units or shares, contract execution, reporting;
• marketing services.

The company also has the right to perform the following extra services:
• management (in compliance with a contract concluded with the customer) of individual portfolio, such of an institutional investor inclusive, comprising securities, at one’s own discretion, without receiving special orders by the customer;
• provision of investment consultation with regard to securities.


4. The Commission issued a licence to Park SPV to undertake activities as a special purpose vehicle, and namely: investment of pecuniary means raised through issuance of securities in real estates (real estate securitization).
The Commission approved a prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having nominal value of BGN 1 each, issued by Park SPV, as a result of increase in the company’s capital.
The Commission entered the aforesaid issue of shares (undergoing an issuance procedure) issued by Park SPV into the Public Companies and Other Issuers of Securities Registry, kept by the Commission.