Business
Asset Management Agreement
Asset Management Agreement.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 8403F Sirius Real Estate Limited 03 May 2011 \n \n\nSirius Real Estate Limited\nAsset Management Agreement\n \nSirius Real Estate Limited (the \"Company\") announces that its Board is reviewing the form and terms of the provision of asset management services to the Group as part of an ongoing process to ensure value and quality of service. \nUnder the existing asset management agreement between the Company, Sirius Cooperatief U.A. and Principle Capital Sirius Real Estate Asset Management Limited (\"PCSREAM\") dated 30th April 2007 as amended on 8th August 2008 (the \"AMA\") the Company is entitled to terminate the AMA by giving 12 months' notice if the Company fails to achieve a specified net asset value total return (as calculated in accordance with the AMA) at 31 March 2011. This is the only right the Company has to terminate the AMA absent material default or insolvency prior to 2016.\nThe Board considers that it is entitled to terminate and has decided to do so to maximise its flexibility. The Company accordingly has given notice today to PCSREAM to terminate the AMA with effect on 4th May 2012.\nThe Board will be entering into discussions with PCSREAM and the existing real estate asset management team with the objective of agreeing new management arrangements to be in place as soon as possible but in any event by 4th May 2012.\nContacts:\nSirius Real Estate Limited\nDick Kingston, Chairman \n \nPeel Hunt LLP \nCapel Irwin \nAlex Vaughan 020 7418 8900\n \nCardew Group  ...