Fenix Securities AS has terminated the consultancy agreement dated 4 November 2015 between Black Sea Property AS (BSP), EPO Bulgaria EOOD and Fenix Securities AS. BSP have entered, as described in the announcement on September 1, into a new phase with focus on the completion of the resort. Fenix wants BSP to be able to optimize its organizational structure without any constraints taking into account that BSP have entered into a building phase. Fenix will continue to work for shareholders' best, and to fulfill their contractual obligations during the notice period of six months, until the end of March 2017. As a result of the termination of the consultancy agreement, CEO Torbjorn Myhre advised the Board of directors in BSP that he will resign from his position with effect no later than 30 September 2016.