Business
Amendments to Investment Mana
Amendments to Investment Mana.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n RNS Number : 7053T China Real Estate Opportunities PLC 11 June 2009 \n \n11 June 2009\n\nCHINA REAL ESTATE OPPORTUNITIES PLC\n\nAmendments to Investment Management Agreement\n\nThe Board of China Real Estate Opportunities plc announces that, following a review of the investment advisory agreement, dated 25 June 2007, between the Company and Treasury Holdings China Limited (the 'Investment Manager'), the following amendments to the terms of that agreement have been agreed. These changes will eliminate from any future performance fee calculation (i) any increase in the value of RMB against Sterling; and (ii) any increase in net asset value per share arising from the Company repurchasing its shares. \n\nFor the purposes of calculating any future entitlement to performance fees:\n\n\n\nthe European Public Real Estate Association net asset value at the end of each financial period will be restated in RMB. The payment of a performance fee remains subject to a high water mark which will initially be determined by reference to the Company's net assets as at 31 December 2008 expressed in RMB at the exchange rate prevailing on that date;\n\n\n 2. if the Company repurchases its own shares during any relevant period, the net asset value\n per share at the end of that period will be adjusted so as to eliminate the impact of the\n share repurchases on net asset value per share. \n\nAt the same time as agreeing the above the Board has taken the opportunity to tie the Investment Manager to the contract for a further two years so that, except in certain specified circumstances, the earliest date on which notice may be given will be in July 2012. \n\nThese amendments are effective from 1 January 2009. The other terms of the investment advisory agreement remain unchanged.\n\n\n- ENDS -\n\nContact:\nCREO\nRay Horney, Chairman\nTel: + 44 (0)1273 775225\n\nSarah Moriarty, Investor Relations \nTel: +353 1 6189455 \n\nMatrix Corporate CapitalPaul Fincham\nTe...