In June 2011 Agromanage AD acquired directly 49,5 percent of Elarg Agricultural Land Opportunity Fund REIT (“ELARG”), previously held by QVT hedge fund.

The stake was purchased at an 8 % premium to the market at BGN 0.68 per share.

Despite the operational improvements, increased levels of rents and collection, towards the end of  2011, it became clear that the market continued to price in a significant discount in the capitalization of ELARG.  In early 2012 the General Shareholders Meeting overwhelmingly voted for winding up the Company in order to release shareholder value.   By May 2013 (the last day of trading) the share price had reached 2.55 BGN per share (net of dividends of BGN 0,07 per share).

By May 2013 our shareholders had achieved more than 400% return on their investment since Agromanage took became a core stakeholder in ELARG, an IRR of 51.1%.