TIDMDLD
RNS Number : 3680Y
Deutsche Land Plc
02 September 2009
?
Deutsche Land Plc
("Deutsche Land" or the "Company")
Completion of Internalisation
Following the Company's previous announcements in relation to the proposed
internalisation of the Company's external manager, Deutsche Land Management LLP
(the "Manager"), the board of Deutsche Land is pleased to announce
that the internalisation of the Manager (the "Internalisation") has been
completed.
The Board believes that Internalisation is an important strategic development
for the Company and that the key benefits include:
* a more streamlined management structure and simplified decision-making process,
allowing the Company to operate more efficiently;
* greater cost transparency; and
* better alignment of interests between Deutsche Land's shareholders and senior
management.
The first stage of the Internalisation was taken in January 2009 when the Group
acquired a 31 per cent stake in the Manager from one of its founders following
his departure from the Manager in 2008. The second and final stage involved the
acquisition by a wholly owned Group company of the business and assets of the
Manager such that the Group's assets are now managed by the Group company.
As a result of Internalisation, David Maxwell, the other founder of the Manager
and the Group's Chief Executive Officer, and the employees of the Manager have
become employees of the Group. Details of Mr Maxwell's service contract are set
out below. In addition, as part of the Internalisation process a long term
incentive plan and senior management bonus scheme have been adopted by the
Group, overseen by a newly constituted Remuneration Committee comprised of
senior independent directors and chaired by Christopher Pemberton. The long term
incentive scheme consists of an award of deferred shares and options which vest
after three years based on achievement of predefined total shareholder return
hurdles.
The consideration payable of GBP2,165,382 will result in David Maxwell receiving
15 million new shares in the Company (issued at 12 pence per share),
representing approximately 4.5 per cent of the Company's enlarged share capital
after the issue, plus a cash payment of GBP324,000 (EUR373,000). Following the
issue of these shares, David Maxwell will own 16,774,776 shares in the Company,
representing approximately 5.0 per cent of the Company's enlarged share capital.
The Company will apply for these shares to be admitted to AIM and they are
expected to be admitted on or about 4 September 2009. Following such issue, the
Company will have 332,506,511 shares in issue.
As part of the Internalisation, DL Plc has agreed with Deutsche Land Real Estate
BV ("DREB"), a company partly owned by David Maxwell, transactions having the
following effect:
* the removal of DREB's entitlement to the Manager's incentive fee;
* an increase in the Group's effective equity interest in Main Airport Centre
("MAC") from 94% to 99.64%; and
* waiver of repayment ("the Waiver") of the bonds issued by DREB to the Company to
fund DREB's original interest in MAC. The bonds, together with accrued interest,
had a principal value of EUR2,325,000 and have been written down to zero in the
Group's consolidated balance sheet as at 30 June 2009.
These transactions are expected to have no net impact on the Group's profit or
cash flow.
As David Maxwell is a Director of the Company, the Internalisation and the
Waiver are classified as related party transactions for the purposes of the AIM
Rules. The Directors of the Company, other than David Maxwell, having consulted
with Matrix Corporate Capital LLP, the Company's nominated adviser, consider the
Waiver and the amount of the consideration to be paid to the Manager pursuant to
the Internalisation are fair and reasonable insofar as the Company's
shareholders are concerned.
Commenting on the Internalisation, Stephen Dickinson, Chairman of Deutsche Land,
said:
"We are delighted to announce the Internalisation of our external property
manager and believe that this will add real value to the shareholders of
Deutsche Land Plc, both in terms of increased efficiency from a more streamlined
management structure and from the better alignment of interests between
Shareholders and senior management".
+--------------------------------------------+---------------------+
| Deutsche Land plc | |
+--------------------------------------------+---------------------+
| Stephen Dickinson (Chairman) | +44 (0) 20 7647 |
| David Maxwell (Chief Executive) | 9670 |
+--------------------------------------------+---------------------+
| | |
+--------------------------------------------+---------------------+
| SP Angel Corporate Finance LLP | |
+--------------------------------------------+---------------------+
| John Mackay | +44 (0) 20 7646 |
| | 9650 |
+--------------------------------------------+---------------------+
| Robert Wooldridge | |
+--------------------------------------------+---------------------+
| | |
+--------------------------------------------+---------------------+
| Matrix Corporate Capital LLP | |
+--------------------------------------------+---------------------+
| Stephen Mischler | +44 (0) 20 3206 |
| | 7000 |
+--------------------------------------------+---------------------+
| | |
+--------------------------------------------+---------------------+
| Citigate Dewe Rogerson | |
+--------------------------------------------+---------------------+
| George Cazenove | +44 (0) 20 7638 |
| Hannah Seward | 9571 |
+--------------------------------------------+---------------------+
SUMMARY OF THE MATERIAL CONTRACTS ENTERED INTO IN RELATION TO THE
INTERNALISATION
The following contracts, not being contracts entered into in the ordinary course
of business, have been entered into by the Company or its subsidiaries in
connection with the Internalisation and are, or may be, material:
Agreement for the transfer of the business and assets of Deutsche Land
Management LLP
An agreement for the transfer of the business and assets of Deutsche Land
Management LLP (the "Business Transfer Agreement") dated 1 September2009 between
(1) Deutsche Land Management LLP ("Seller"), (2) Deutsche Land Management
Limited ("Buyer") and (3) David Maxwell, pursuant to which the Seller agrees to
sell and the Buyer agrees to buy the business and certain assets of Deutsche
Land Management LLP (including the shares of Deutsche Land Property Management
GmbH).
The Seller agrees to sell the assets free from all encumbrances and with full
title guarantee. Liabilities are expressly excluded from the sale and purchase
of the business and the assets and accordingly the Seller will remain liable for
the liabilities. The consideration is GBP2,165,382, comprising (1)
GBP2,124,000 for the Investment Management Agreement and the other intangible
assets, (2) GBP19,676 for the fixed assets and (3) GBP21,706 for the Deutsche
Land Property Management GmbH shares. All payments are exclusive of VAT and the
agreement contains a grossing-up provision.
The Business Transfer Agreement includes certain limited warranties from David
Maxwell. Liability of David Maxwell for warranty claims is capped at the amount
of the purchase price.
Subscription and Orderly Market Agreement
This agreement dated 1 September 2009 is made between (1) David Maxwell, (2)
S.P. Angel Corporate Finance LLP, (3) Matrix Corporate Capital LLP, (4) Deutsche
Land Management LLP (the "Manager") and (5) Deutsche Land PLC (the "Company").
The agreement acknowledges that the capital profits of the Manager which arise
as a consequence of the sale provided for in the Business Transfer Agreement
belong to David Maxwell. David Maxwell has agreed to use the majority of these
anticipated capital profits to fund his subscription for 15,000,000 new ordinary
shares in the Company (the "Subscription Shares") at 12p per share (the
"Subscription Price").
David Maxwell directs the Manager to pay an amount equal to the Subscription
Price multiplied by the number of Subscription Shares (the "Subscription
Amount") to the Company at Completion, which the Manager has agreed to do.
Completion shall only occur if the Manager pays up the Subscription Amount in
full and all of the Subscription Shares are allotted and issued simultaneously.
Completion of the Subscription is conditional upon the release of a press
announcement, the allotment of the Subscription Shares and the admission of the
Subscription Shares to trading on AIM taking place no later than 30 September
2009. Provided David Maxwell remains an employee or a director of the Company,
he undertakes that he will not, for a period of three years from admission of
the Subscription Shares transfer, sell, deal or enter into any other agreement
otherwise to do the same in respect of the ownership of the Subscription Shares.
The undertaking not to deal will not apply to:
(a) either the provision of an irrevocable undertaking to accept, or to the
acceptance of, or to the
sale or transfer pursuant to an acceptance
of, a general offer made to all holders of the same
class of
shares in the Company as the Subscription Shares (or to all such shareholders
other
than the offeror and/or any body corporate controlled by the
offeror and/or any persons acting in
concert with the offeror
(within the meaning of the Code)) to acquire the whole or any part of the
issued share capital of the Company;
(b) any scheme of arrangement under section 152 of the Isle of Man Companies
Act 1931
providing for the acquisition to any person (or group of
persons acting in concert) of more than
50 per cent. of the issued
Shares of the Company;
(c) any compromise or any scheme of reconstruction under section 222 of the
Isle of Man
Companies Act 1931 in relation to the Company;
(d) the disposal or agreement to dispose of any Subscription Shares to the
Company made
pursuant to an offer by the Company to purchase its own
Shares which is made on identical
terms to all holders of Shares and
otherwise complies with the AIM Rules and the rules of the
London
Stock Exchange from time to time;
(e) the disposal or agreement to dispose of any Subscription Shares to a third
party which has been
made solely in order to fund a claim for breach
of warranty under the Business Transfer
Agreement; or
(f) any encumbrance created over any of the Subscription Shares, provided that
the beneficiary of
such encumbrance agrees to retain its entire
interest in any Subscription Shares it acquires
pursuant to such
pledge and it will not during the Restricted Period, directly or indirectly,
transfer,
sell, dispose of or otherwise encumber, or enter into any
agreement to do the same, in respect of
the legal or beneficial
ownership of, or any other interest in, such Subscription Shares other than
as permitted by the above provisions.
David Maxwell Service Agreement
David Maxwell has entered into a service agreement with Deutsche Land Management
Limited ("DLM"), a wholly owned subsidiary of the Company, dated 1 September
2009. Pursuant to the new service agreement Mr. Maxwell is appointed Chief
Executive and a Director of DLM. The contract is for an initial fixed term
expiring on 30 April 2011 (the Initial Period) and continues thereafter unless
or until terminated by either party giving to the other not less than 12 months
notice in writing, provided that such notice cannot expire before the end of the
Initial Period.
DLM has the right to terminate the contract with immediate effect by paying in
lieu of notice a sum equivalent to the basic salary and contractual benefits,
including any amounts due to Mr. Maxwell under the Group's bonus scheme and
long-term incentive plan for the remainder of the Initial Period or the
unexpired period of his 12 month notice period (as appropriate). DLM has the
express contractual right to place Mr. Maxwell on garden leave for the first 6
months of his notice period. Mr. Maxwell's employment automatically terminates
should DL Plc remove or fail to re-elect him as a director of DL Plc or he be
obliged to retire by rotation or otherwise. Mr. Maxwell's employment is also
subject to termination if there is a change of control of the Company (as
defined in the City Code on Takeovers and Mergers). In the event of a change of
control, other than to Black Sea Global Properties Group, Mr. Maxwell is
entitled to be paid a lump sum equivalent to 12 months' gross basic salary plus
any entitlement under the rules of the bonus scheme and long-term incentive
plan.
The contract provides for an initial annual salary of GBP250,000 per annum.
Thereafter, the salary is subject to an annual review each year and may be
amended (upwards only), subject to the prior written approval of DL Plc. Other
benefits provided are private health insurance and permanent health insurance,
contractual sick pay equivalent to basic salary for a maximum of 3 months in any
period of 12 months and the reimbursement of expenses wholly, properly and
necessarily incurred by Mr. Maxwell in the performance of his duties. No
provision for retirement or death in service benefits have been made by DLM for
Mr. Maxwell. Mr. Maxwell is entitled to 25 days' paid holiday per annum in
addition to the eight statutory holidays. Further, Mr. Maxwell will be entitled
to participate in the bonus scheme and long-term incentive plan established by
the Group, subject to the rules of each.
The contract contains two restrictive covenants which will remain in force for a
period of six months following the termination of employment. Pursuant to the
first restrictive covenant, Mr. Maxwell is prohibited from competing with
any Group Company, or dealing with any tenant, prospective tenant, investor or
prospective investor with whom he had material personal dealings whilst employed
by the Company, or employing or engaging any person employed and engaged by
any Group Company during the period of 12 months ending on Mr. Maxwell's
termination date who is likely to be in possession of any trade secrets or
confidential information of the Group, in connection with any activities or
services carried out by any Group Company. Pursuant to the second restrictive
covenant, Mr. Maxwell is prohibited from, in competition with any Group Company,
soliciting away from any Group Company any tenant, prospective tenant, investor
or prospective investor with whom he had material personal dealings whilst
employed by the Company, or any employee of the Company or any Group Company who
was under his supervision, or any tenant, prospective tenant, investor or
prospective investor for whom Mr. Maxwell was responsible in a relationship
management capacity on behalf of the Company or any Group Company. Mr. Maxwell
is also restricted, for a period of six months from his termination date, from
soliciting any employee employed by the Company or any Group Company at the
level of director or manager with whom he had material contact or dealings
during the course of his employment to cease working for or providing services
to the Company.
Deutsche Land plc Bonus Plan and Deutsche Land plc Long-Term Incentive Plan
Introduction
The main terms of the Deutsche Land plc Bonus Plan (the "Bonus Plan") and the
Deutsche Land plc Long-Term Incentive Plan (the "LTIP") (together the "Plans")
are summarised below in sections A and B respectively and the features common to
both of the Plans are set out in section C.
The Plans are to be administered and operated by the remuneration committee of
the board of directors of the Company (the "Remuneration Committee").
A Bonus Plan
1.2 Key Features
The Bonus Plan is designed to operate in conjunction with the annual bonus
arrangements operated by the Company.
The Bonus Plan comprises two main elements:
(a) the payment of an annual cash bonus; and
(b) the deferral of annual cash bonus into a conditional award
over shares in the Company
("Shares").
The total amount of any annual bonus award which may be made under the Bonus
Plan (whether paid in cash and/or deferred) shall be no more than 125% of an
employee's basic salary.
1.3 Cash Bonus
The payment of annual cash bonuses under the Bonus Plan is at the absolute
discretion of the Remuneration Committee.
The amount of any annual cash bonus is determined by the Remuneration Committee
against predetermined targets, objectives, standards of behaviour and the
performance of the Company and the Remuneration Committee reserves the right to
amend these factors at any time.
No employee shall become entitled to receive a cash bonus of more than 75% of
his basic salary (or 60% of his total bonus award) unless otherwise determined
by the Remuneration Committee in its discretion.
1.4 Bonus deferral
The Remuneration Committee may at its absolute discretion invite or require an
employee of the Company to elect or defer the percentage (if any) of such
employee's bonus award which is not paid in cash into a conditional award of
Shares (a "Deferred Award").
The number of Shares subject to a Deferred Award is calculated by reference to
the amount of bonus award which is deferred and the market price of a Share on
the date of such deferral.
No employee is entitled to defer more than 50% of his basic salary (or 40% of
his total bonus award) into a conditional award of Shares.
In normal circumstances, a Deferred Award vests with respect to one-third of the
award Shares on or around each of the first three anniversaries of the date of
grant of the award.
1.5 Cessation of employment
If the participant's employment ceases due to death, injury, ill-health,
disability, redundancy, retirement or on a sale of the participant's business or
employing subsidiary out of the group or for any other reason specifically
permitted by the Remuneration Committee, such participant's Deferred Award vests
in full (to the extent that it has not already vested) shortly following such
cessation.
If a participant's employment ceases for any other reason, his Deferred Award
immediately lapses in full on his cessation.
1.6 Takeover, Change of Control and Winding-Up
In the event of a takeover, change of control or winding up, Deferred Awards
vests in full (to the extent that they have not already vested).
B LTIP
1.7 Key Features
The LTIP provides benefits in the form of free Shares subject to challenging
performance conditions. Awards under the LTIP may be structured as either
conditional awards which are capable of vesting on a pre-determined date
("Performance Share Awards") or options exercisable over a fixed period
("Options") (together "LTIP Awards").
A participant may, within one month of the grant of an Option, exchange that
Option (in whole or in part) for a Performance Share Award over such number of
Shares as is equal to 25% of the number of Shares under Option that the
participant has elected to exchange.
Unless stated otherwise, the same terms apply to Performance Share Awards
and Options.
1.8 Individual Limit
Performance Share Awards may be granted over Shares with an aggregate value
(measured at the time of grant) of not more than fifty per cent. (50%) of a
participant's basic salary. AND
Market value Options may be granted over Shares with an aggregate value
(measured at the time of grant) of not more than one hundred and twenty five per
cent. (125%) of a participant's basic salary.
However, in exceptional circumstances, these limits may be exceeded but grant
levels will be subject to acceptable market practice.
The value of a Share for the purposes of LTIP Awards granted in 2009
shall be GBP0.12.
1.9 Exercise or Vesting of Options and Performance Share Awards
Options may be exercised and Performance Share Awards vest subject to the
following conditions:
(a) the award holder remaining in service with the group for
such service period as the
Remuneration Committee
shall determine being not less than 3 years from the date of
grant; and
(b) satisfaction of appropriate and challenging performance
condition determined by
the Remuneration Committee,
having regard to market practice within the Company's
business sector and relating to the overall performance of the Company.
Options lapse on or prior to the tenth anniversary of grant to the extent
unexercised.
1.10 Performance Condition
The Remuneration Committee has determined that Performance Share Awards granted
during the first financial year of commencement of the LTIP will vest subject to
the achievement of a performance condition relating to growth in total
shareholder return (TSR) over the three year period from the date of grant.
TSR means total value of dividend income (including the value of any associated
United Kingdom tax credit) and share price movements relating to a Share,
measured in Euros over the three year performance period and expressed as a
percentage of the Share price at the commencement of that period.
The performance condition provides for the Performance Share Award to vest or
the Option to become exercisable (as the case may be) as follows:
+-------------------------------------+--------------------------------------+------------------------------------+
| Cumulative TSR growth | Compound TSR | Percentage of |
| per year during the TSR | growth during | Shares subject |
| Performance Period | the TSR | to Award which |
| | Performance | may be acquired |
| | Period | |
+-------------------------------------+--------------------------------------+------------------------------------+
| 12% | 40.49% | 100% |
| or | or | |
| above | above | |
+-------------------------------------+--------------------------------------+------------------------------------+
| 6% | 19.10% | 25% |
+-------------------------------------+--------------------------------------+------------------------------------+
| below | below | 0% |
| 6% | 19.10% | |
+-------------------------------------+--------------------------------------+------------------------------------+
The number of Shares which vest or may be acquired on TSR growth per year during
the three year performance period above 6% but below 12% are determined on a
straight-line interpolation between the relevant percentages.
The Remuneration Committee, acting reasonably, may adopt such calculation
methods and policies for determining whether any part of the Performance
Condition has been met as it determines in its absolute discretion to be
appropriate.
Notwithstanding that the performance condition is met, no LTIP Award vests or
becomes exercisable (as the case may be) unless the Remuneration Committee is
satisfied that the performance achieved is a genuine reflection of the
underlying financial performance of the Group.
For future LTIP Awards, the Remuneration Committee will review whether this
performance condition remains appropriate and challenging taking into account
for example the industry's outlook and shareholders' interests. The Remuneration
Committee may adopt a revised condition, but one which will be no less
demanding.
No performance condition may subsequently be varied or waived unless an event
occurs which causes the Remuneration Committee to determine that such
performance condition has become unfair, impractical or ceased to be appropriate
whereupon the Remuneration Committee may in its absolute discretion vary or
replace such performance condition so that any new performance condition imposed
or any variation is in its opinion fair, reasonable and no more or less
difficult to abide by or satisfy as when it was originally imposed or last
amended.
1.11 Cessation of employment
If the participant's employment ceases due to death, injury, ill-health,
disability, redundancy, retirement or on a sale of the participant's business or
employing subsidiary out of the group or for any other reason specifically
permitted by the Remuneration Committee (other than where a participant joins a
competitor), such participant's LTIP Award vests or becomes exercisable (as the
case may be) provided that the number of Shares which vest or may be acquired on
exercise are determined by applying that the performance condition at the time
of such cessation.
If a participant's employment with the group ceases for any other reason, his
LTIP Award immediately lapses in full on his cessation.
1.12 Takeover, Change of Control and Winding-Up
In the event of a takeover, change of control or winding up, Options become
exercisable and Performance Share Awards vest provided that the number of Shares
which vest or may be acquired on exercise is determined by applying that the
performance condition at that time.
C Provisions Applicable to the Bonus Plan and the LTIP
The following terms are applicable to Deferred Awards under the Deferred Bonus
Plan and the LTIP Awards (together the "Awards").
1.13 Eligibility
Employees and executive directors of the group will be eligible but not entitled
to participate in, and be granted Awards under, the Plans. Participation will be
at the Remuneration Committee's discretion.
1.14 Grant
No payment is required for the grant of an Award.
Awards will not be granted at a time when dealings in Shares are
prohibited.
No Awards may be granted after the tenth anniversary of adoption of
the Plans.
1.15 Plan Limits
Awards may be satisfied by the allotment or transfer of existing Shares or by
the issue of
treasury shares.
At any time, in the case of each Plan, the total number of Shares which have
been issued or remain issuable pursuant to the Plan and options and awards
granted in the previous ten years under all employees' share schemes established
by the Company may not exceed ten per cent. (10%) of the Shares in issue at that
time.
For the purposes of the above limits, treasury shares will be treated as issued
and Shares which are the subject of lapsed options or awards or long-term share
awards granted prior to the admission of Shares to trading on AIM, shall be
excluded.
1.16 Distributions
The number of Shares subject to an Award may be increased to reflect any
distributions (including dividends) by the Company from the date of grant and
until the Shares are delivered. The number of additional Shares will reflect the
net distribution which would have been received by the participant if he had
been the owner of the Shares subject to the Award to the extent such Shares
vest.
The Remuneration Committee may also determine that, in the case of an Option, if
a distribution of a capital, rather than revenue, nature (as determined by the
Remuneration Committee in its discretion) arises, the exercise price of such
Option shall be reduced on a proportional basis by reference to the amount by
which the net assets of the Company are or were reduced pursuant to such
distribution.
Further, if a Distribution arises as a direct result of a disposal of at least
67% of the assets of the group (or such lower percentage as may be determined by
the Remuneration Committee at its absolute discretion) to any unrelated person
in a single transaction or a series or related transactions (being a
"Substantial Asset Disposal"), instead of (or in addition to, at the discretion
of the Remuneration Committee):
(a) increasing the number of Shares subject to an Award; or
(b) reducing the Exercise Price of an Option,
participants shall be granted an additional award, a ("Distribution Award") with
a maximum value equal to the total distribution that the participant would have
received had he been the holder of the Shares comprised in the Awards. Such
Distribution Award shall be settled in the same consideration that was payable
pursuant to the relevant distribution (i.e. cash or securities or other form)
provided that, in the case of Distribution Awards granted under the LTIP, the
actual amount payable (in cash or securities or other form) in relation to such
Distribution Award on such date shall be determined by applying the performance
condition.
1.17 Voting and other rights
Prior to the exercise or vesting of Awards (as appropriate), participants will
have no voting rights in respect of the Shares subject to the Award.
On the exercise or vesting of Awards (as appropriate), application will be made
for all such Shares to be admitted to trading on AIM.
All Awards are non-transferable and non-pensionable.
1.18 Variation of share capital and special dividends
In the event of any variation in the ordinary share capital of the Company or
any capitalisation of profits or reserves by way of any consolidation,
sub-division or reduction of the share capital of the Company and in respect of
any discount element in any rights issue or any other variation in the share
capital of the Company or upon payment of a special dividend, the number of
Shares subject to an Award may be varied in such manner as the Remuneration
Committee considers appropriate.
1.19 Amendments
The Plans may be amended in any respect by the Remuneration Committee provided
that the prior approval of the Company in general meeting is required before
amendments may be made to the material benefit of participants to any provisions
relating to:
(a) the persons who may be invited to participate in or be
granted Awards under the Plans;
(b) the overall and the individual limits on the number of
Shares in respect of which Awards
may be granted;
(c) the basis for determining participants' entitlements to, and
the material terms of,
(d) the adjustment of Awards in the
event of a variation of capital; and
(e) the rules relating to amendments to the Plans
in the event that such amendment relates to rights already acquired by a
participant pursuant to their subsisting Awards.
No amendment may be made to the rules of either of the Plans if it would
adversely affect the rights of participants without the approval of participants
holding Awards under the relevant Plan over the majority of Shares.
However, minor amendments to the benefit of the administration of the Plans, to
take account of changes in legislation, to obtain or maintain favourable tax,
exchange control, or regulatory treatment or to take account of a corporate
transaction, may be made without the need for either of the approvals set out
above where such amendments do not alter the basic principles of the Plans.
1.20 International
When granting Awards, or issuing invitations to participate in the Plans, to
employees resident outside the United Kingdom, the Remuneration Committee may
modify the terms of the Plans to take account of tax laws or other legal or
regulatory requirements in the relevant country and, if considered necessary and
expedient, adopt additional plans suitable for operation in the relevant
country, provided that neither the terms of participation of, or grant of Awards
to, such employees shall not be more favourable overall than the terms of
participation of, or Awards granted to, employees resident in the United Kingdom
and the Plan limits are not exceeded.
Amended Investment Management Agreement
The existing investment management agreement (the "IMA") will be novated to DLM
and the Manager will cease to be a party (with consequential amendments). The
IMA will continue on its existing terms save in respect of the fee arrangement
which will now comprise an annual management fee is to be paid to DLM monthly in
advance and will be the higher of EUR300,000 and 0.06% of the most recent gross
property value per month. The term of the IMA will remain the same.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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