Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — Investor Presentation (June 2019)
10 slides from Vbare Iberian Properties Socimi's investor presentation, Jun 5, 2019
Slide 1: Success Fee Calculation
SUCCESS FEE CALCULATION June 5, 2019
Slide 2: Definitions (I)
DEFINITIONS (I) -SUCCESS FEE FROM JANUARY 1, 2019: THE COMPANY SHALL PAY TO THE MANAGEMENT COMPANY AN ANNUAL SUCCESS FEE (THE "SUCCESS FEE") IN THE RATE OF 16% + VAT OF THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR. THE SUCCESS FEE SHALL ONLY BE PAID AFTER AND SUBJECT TO MEETING AN ANNUAL HURDLE RAT
Slide 3: Definitions (II)
DEFINITIONS (II) -NET MARKET CAPITALISATION MEANS FOR ANY YEAR THE MARKET PRICE OF THAT YEAR MULTIPLIED BY THE NET NUMBER OF SHARES OF THAT YEAR -MARKET PRICE OF ANY YEAR MEANS THE WEIGHTED AVERAGE UNITARY MARKET PRICE ON THE STOCK EXCHANGES OF THE COMPANY’S SHARES DURING THE 90 TRADING DAYS PREVIOU
Slide 4: Catch Up Mechanism
CATCH UP MECHANISM IF, FOR ONE OR MORE YEARS, THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR IS NOT ENOUGH TO FULLY PAY THE CATCH UP AFTER DEDUCTING THE HURDLE RATE, A FULL CATCH UP MECHANISM WILL BE IMPLEMENTED THE PERIOD FOR WHICH THE SUCCESS FEE IS CALCULATED WILL LAST FROM 31 DECEMBER OF THE PREV
Slide 5: Example 1 – Year 2019
EXAMPLE 1 – YEAR 2019 Market Information Distributable Amount of the Relevant Year Market Price 12/31/2019 15.0 Net Market Net Number of shares 12/31/2019 4,608,354 Net Market Capitalization Own shares sale Dividend payment Share Capital Increase Dividend payment Capitalization Net Market Capitaliza
Slide 6: Example 2 – Year 2020
EXAMPLE 2 – YEAR 2020 AS MANAGEMENT COMPANY DID NOT RECEIVED THE FULL CATCH UP AMOUNT IN 2019, THE CATCH UP MECHANISM HAS BEEN ACTIVATED FOR THE YEAR 2020 Market Information Distributable Amount of the Relevant Year Market Price 12/31/2020 16.0 Dividend Share Capital Dividend Net Market Net Number o
Slide 7: Example 3 – Year 2021
EXAMPLE 3 – YEAR 2021 Market Information Distributable Amount of the Relevant Year Market Price 12/31/2020 16.0 Net Market Net Number of shares 12/31/20120 7,108,354 Net Market Capitalization Dividend payment Share Capital Increase Dividend payment Capitalization Net Market Capitalization 12/31/2020
Slide 8: Example 4 – Year 2022 (01/01/2022 – 06/30/2022)
EXAMPLE 4 – YEAR 2022 (01/01/2022 – 06/30/2022) AS MANAGEMENT COMPANY DID NOT RECEIVED THE FULL CATCH UP AMOUNT IN 2021, THE CATCH UP MECHANISM HAS BEEN ACTIVATED FOR THE YEAR 2022 A TENDER OFFER FOR THE COMPANY´S SHARES IS LAUNCHED AND EXECUTED ON JUNE 30, 2022 AT A PRICE PER SHARE OF €17 Market In
Slide 9: Example 5 – Year 2022 (07/01/2022 – 12/31/2022)
EXAMPLE 5 – YEAR 2022 (07/01/2022 – 12/31/2022) AS SUCCESS FEE WAS PAID ON JUNE 30 DUE TO A TENDER OFFER, THE SUCCESS FEE IS CALCULATED AT YEAR END FOR THE SIX MONTH PERIOD FROM THE TENDER OFFER UNTIL YEAR END Market Information Distributable Amount of the Relevant Year Market Price 12/31/2022 17.5
Slide 10: IVBARE
IVBARE 10
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