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Consultancy Agreement

27 Jun 2013 11:43

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 £1.2 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
 
 
MSCLLFSIRVIDFIV
Date   Source Headline
23rd Mar 20075:04 pmRNSHolding(s) in Company
13th Mar 20072:43 pmRNSRule 8.3- Northacre PLC
9th Mar 20073:57 pmRNSHolding(s) in Company
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5th Jan 20079:21 amRNSHolding(s) in Company
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28th Dec 20061:53 pmRNSTotal Voting Rights
24th Nov 20067:00 amRNSInterim Results
21st Aug 20067:00 amRNSFinal Results
24th Jul 20067:01 amRNSAcquisition (Lancaster Gate)
24th Jul 20067:01 amRNSLancaster Gate Announcement
5th May 20065:22 pmRNSPlanning Decision
9th Feb 20061:42 pmRNSTrading Statement
1st Feb 20061:07 pmRNSAcquisition
1st Feb 200612:44 pmRNSAcquisition
8th Dec 20052:26 pmRNSDirectorate Change
29th Nov 20051:11 pmRNSInterim Results
25th Nov 20059:38 amRNSRe Appeal
21st Oct 20054:33 pmRNSFurther re Acquisition
18th Oct 200510:34 amRNSAcquisition
28th Sep 200510:30 amRNSAGM Statement
25th Aug 200510:39 amRNSFinal Results
25th Aug 20059:10 amRNSFinal Results
15th Feb 20053:38 pmRNSAcquisition

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