January 20, 2007

The balance shows that DT&T has counselled nearly half of the Bulgarian capital market projects in 2006.

In 2006 DT&T lawyers have advised 5 of the 12 Bulgarian IPOsa, including the 2 biggest and most prestigious projects: the public offers of Chimimport AD and the Bulgarian American Credit Bank, the later comprises a global offer as well. The firm has also counseled the Eurobond of Petrol AD in London plus 5 more local bond issues.

In the collective investment segment DT&T accounts for 10 of the 22 REITs and public SPVs for securitization of receivables licensed in 2006, for 12 of contractual funds under UCITs Directive of the 30 funds established in 2006 and for 3 of all 10 management companies licensed in 2006. DT&T has also advised the distribution of 2 Hungarian (OTP investment funds) in Bulgaria.

No new investment intermediaries (B/Ds) have been licensed in 2006; however, DT&T has assisted a dozen of the operating B/Ds in the process of updating their rules and procedures, and commercial documents (buy and sell orders, declarations from clients, etc.).

In 2006 DT&T has also advised several tender offers, establishment of a stock option plan, various derivative transactions, change of ownership in B/Ds, increase of the capital of public companies via rights issues, price-sensitive filings and related parties transactions.

DT&T are recommended in Legal 500 Europe, Middle East & Africa 2006/2007 edition for capital market legal services.