Northacre PLC Interim Results -5-
11 Noviembre 2014 - 8:00AM
UK Regulatory
As per the announcement dated 18(th) September 2013, the Company
is committed to invest GBP10m in Palace Revive Limited, a special
purpose company financed by a variety of institutional investors,
established to acquire a property at 1 Palace Street. The Company
paid GBP8.825m in the period to 31(st) August 2014 with a further
GBP1.175m equity contribution paid on 14(th) October 2014.
9. Related Party Transactions
Nature
of 31.8.2014 31.8.2013 28.2.2014 Nature of
Relationship Unaudited Unaudited Audited Transactions
GBP'000 GBP'000 GBP'000
------------------ ------------- ---------- ---------- ---------- --------------------------
Consultancy fees
for services
provided for the
1 Palace Street
project for the
period 1(st) March
2014 to 31(st)
K.B. Nilsson 1 (61) - (57) August 2014
------------------- ------------- ---------- ---------- ---------- --------------------------
Non-executive
Directors Fees
representing a
balance at the
E.B. Harris 2 (15) (15) (30) end of the period
------------------- ------------- ---------- ---------- ---------- --------------------------
Non-executive
Directors Fees
representing amounts
accrued
E.B. Harris 2 (15) (15) (30) during the period
------------------- ------------- ---------- ---------- ---------- --------------------------
Non-executive
Directors Fees
representing amounts
paid
M. Williams 3 - (15) (10) during the period
------------------- ------------- ---------- ---------- ---------- --------------------------
Non-executive
Directors Fees
representing a
balance at the
A. de Rothschild 4 (18) (5) (18) end of the period
------------------- ------------- ---------- ---------- ---------- --------------------------
Executive Directors
fees
representing amounts
paid during
M.A. AlRafi 5 - (10) (10) the period
------------------- ------------- ---------- ---------- ---------- --------------------------
Bonus of GBP1,000,000
was payable
from The Lancasters
Development dividends.
GBP25,000 was
paid on 28(th)
November 2012
and the balance
of GBP975,000
was paid post
year end on 28(th)
M.A. AlRafi 5 - (975) (975) March 2014
------------------- ------------- ---------- ---------- ---------- --------------------------
Consultancy fees
charged during
the period; GBP1,200,000
was paid
ADCM Ltd 6 (642) (500) (1,100) in March 2014
------------------- ------------- ---------- ---------- ---------- --------------------------
Expenses charged
by ADCM Ltd as
per the consultancy
ADCM Ltd 6 (40) - 117 agreement
------------------- ------------- ---------- ---------- ---------- --------------------------
Development management
fees received
Palace Revive during the period
Developments as per development
Limited 7 - - 2,705 management agreement
------------------- ------------- ---------- ---------- ---------- --------------------------
Expenses paid
on behalf of Palace
Palace Revive Revive Developments
Developments Limited
Limited 7 18 - 59 during the period
------------------- ------------- ---------- ---------- ---------- --------------------------
Amount invested
by Northacre PLC
into Palace Real
Palace Real Estate Partners
Estate LP during the
Partners LP 8 - - 8,825 period
------------------- ------------- ---------- ---------- ---------- --------------------------
Nature of Relationship
1. K.B. Nilsson is a Director of the Company.
2. E.B. Harris is a Director of the Company, and a member of E.C. Harris LLP.
3. M. Williams was a Director of the Company (resigned on 27(th) March 2013).
4. A. de Rothschild was a Director of the Company (resigned 11(th) February 2014).
5. M.A. AlRafi was a Director of the Company (resigned on 25(th) June 2013).
6. ADCM Ltd is a fully owned subsidiary of ADFG LLC, the Group's ultimate parent company.
7. Palace Revive Developments Limited is a company controlled by ADCM Ltd.
8. Palace Real Estate Partners LP is a partnership that controls
Palace Revive Developments Limited.
10. Events after the reporting date
Interim dividends of 35.43p per share were paid on 5(th)
September 2014. The total payment amounted to GBP14.99m.
On 19(th) September 2014 Northacre Capital (7) Limited, a wholly
owned subsidiary of Northacre PLC, signed a loan facility agreement
with the Royal Bank of Scotland PLC. The facility is for a maximum
of GBP3.15m and was signed to finance the development of the Prince
Edward Mansions project. The repayment date is the earlier of:
- the latest expiry date of the current interest period
outstanding as at the date of completion of the sale of the project
and
- the date which falls 18 months after the date on which the loan is drawn.
The first tranche shall be drawn within 3 months from 5(th)
September 2014. The interest payable was agreed at 3.25% per annum
above LIBOR. In addition the Company will pay a GBP31,500
arrangement fee, a quarterly monitoring fee of GBP2,500 per quarter
and a fee of 1.25% of the highest amount outstanding at any time
under the loan agreement.
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