Northacre PLC Consultancy Agreement (0145I)
June 27 2013 - 6:43AM
UK Regulatory
TIDMNTA
RNS Number : 0145I
Northacre PLC
27 June 2013
27 June 2013
Northacre PLC
("Northacre" or the "Company")
Consultancy Agreement
Northacre announces that it has entered into a consultancy
agreement with ADCM Ltd (the "Agreement" and "ADCM") under which
ADCM will provide a range of advice, analysis and management
support services to the Company. ADCM will also seek to introduce
the Company to its network of real estate finance and development
professionals, investors, and actively seek to source new
opportunities for the Company across local and wider markets.
Under the terms of the seven-year Agreement, which the Company
may terminate at each anniversary date, the Company shall pay to
ADCM an annual fee of GBP1.2 million and ADCM shall be entitled to
receive a fee of 35% of profits earned by the Company as a result
of engagements entered into during the term of the Agreement. Any
profits arising in relation to the Company's The Lancasters
development are specifically excluded from this fee
arrangement.
Jassim Alseddiqi and Mustafa Kheriba, both directors of the
Company, are deemed to be related parties of ADCM and the Company
for the purposes of the AIM Rules for Companies ("AIM Rules"). In
view of this, the entry into the Agreement comprises a related
party transaction for the purposes of the AIM Rules. The Company's
independent directors consider, having consulted with finnCap Ltd,
the Company's nominated adviser, that the terms of the transaction
being entered into are fair and reasonable insofar as the Company's
shareholders are concerned.
Enquiries:
Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson
Hudson Sandler Ltd Tel: 020 7796 4133
Michael Sandler
This information is provided by RNS
The company news service from the London Stock Exchange
END
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