Business
AGM & Property Advisor Proposal
AGM & Property Advisor Proposal.
About this update from Phoenix Spree Deutschland Ltd
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OR SUBSCRIPTION OR SOLICITATION TO PURCHASE SHARES IN ANYJURISDICTION. THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, TRANSMISSION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA OR ANYOTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF EU REGULATION 596/2014, WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN FOR THE PURPOSES OF MAR.\n \n5 June 2023\n \nPhoenix Spree Deutschland Limited\n(\"PSD\" or the \"Company\")\nAnnual General Meeting and Proposal to Change Fees Payable to the Property Advisor\nPhoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, announces the publication of the Notice of its 2023 Annual General Meeting (\"AGM\").\nThe Company's AGM is being held at IFC 5, St Helier, JE1 1ST, Jersey at 11:00 a.m. (BST) on 28 June 2023.\nSeparately, the Board of PSD has been discussing with QSix Residential Limited, the Company's property advisor (\"Property Advisor\"), the fees paid under the existing Property Advisor and Investor Relations Agreement (\"PAIR\").\nThese discussions considered, inter alia, the appropriate level of fees going forward and how to align the incentives of the Property Advisor more closely with the Company's short-term strategic priorities and the interests of its shareholders (\"Shareholders\").\nThe Board and the Property Advisor have now concluded these discussions, and the Board has decided to put forward a proposal to all Shareholders to change the fees payable to the Property Advisor from 1 July 2023 for a 12-month period as described below (the \"Proposal\"). A resolution to approve the Proposal is set out in the circular (the \"Circular\" or \"AGM Notice\") published today to convene the AGM, in addition to the ordinary course resolutions for the AGM.\nThe Proposal does not require shareholder approv...