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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Northacre | LSE:NTA | London | Ordinary Share | GB0006877939 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 95.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
As per the announcement dated 18(th) September 2013, the Company is committed to invest GBP10m in Palace Revive Limited, a special purpose company financed by a variety of institutional investors, established to acquire a property at 1 Palace Street. The Company paid GBP8.825m in the period to 31(st) August 2014 with a further GBP1.175m equity contribution paid on 14(th) October 2014.
9. Related Party Transactions Nature of 31.8.2014 31.8.2013 28.2.2014 Nature of Relationship Unaudited Unaudited Audited Transactions GBP'000 GBP'000 GBP'000 ------------------ ------------- ---------- ---------- ---------- -------------------------- Consultancy fees for services provided for the 1 Palace Street project for the period 1(st) March 2014 to 31(st) K.B. Nilsson 1 (61) - (57) August 2014 ------------------- ------------- ---------- ---------- ---------- -------------------------- Non-executive Directors Fees representing a balance at the E.B. Harris 2 (15) (15) (30) end of the period ------------------- ------------- ---------- ---------- ---------- -------------------------- Non-executive Directors Fees representing amounts accrued E.B. Harris 2 (15) (15) (30) during the period ------------------- ------------- ---------- ---------- ---------- -------------------------- Non-executive Directors Fees representing amounts paid M. Williams 3 - (15) (10) during the period ------------------- ------------- ---------- ---------- ---------- -------------------------- Non-executive Directors Fees representing a balance at the A. de Rothschild 4 (18) (5) (18) end of the period ------------------- ------------- ---------- ---------- ---------- -------------------------- Executive Directors fees representing amounts paid during M.A. AlRafi 5 - (10) (10) the period ------------------- ------------- ---------- ---------- ---------- -------------------------- Bonus of GBP1,000,000 was payable from The Lancasters Development dividends. GBP25,000 was paid on 28(th) November 2012 and the balance of GBP975,000 was paid post year end on 28(th) M.A. AlRafi 5 - (975) (975) March 2014 ------------------- ------------- ---------- ---------- ---------- -------------------------- Consultancy fees charged during the period; GBP1,200,000 was paid ADCM Ltd 6 (642) (500) (1,100) in March 2014 ------------------- ------------- ---------- ---------- ---------- -------------------------- Expenses charged by ADCM Ltd as per the consultancy ADCM Ltd 6 (40) - 117 agreement ------------------- ------------- ---------- ---------- ---------- -------------------------- Development management fees received Palace Revive during the period Developments as per development Limited 7 - - 2,705 management agreement ------------------- ------------- ---------- ---------- ---------- -------------------------- Expenses paid on behalf of Palace Palace Revive Revive Developments Developments Limited Limited 7 18 - 59 during the period ------------------- ------------- ---------- ---------- ---------- -------------------------- Amount invested by Northacre PLC into Palace Real Palace Real Estate Partners Estate LP during the Partners LP 8 - - 8,825 period ------------------- ------------- ---------- ---------- ---------- --------------------------
Nature of Relationship
1. K.B. Nilsson is a Director of the Company. 2. E.B. Harris is a Director of the Company, and a member of E.C. Harris LLP. 3. M. Williams was a Director of the Company (resigned on 27(th) March 2013). 4. A. de Rothschild was a Director of the Company (resigned 11(th) February 2014). 5. M.A. AlRafi was a Director of the Company (resigned on 25(th) June 2013). 6. ADCM Ltd is a fully owned subsidiary of ADFG LLC, the Group's ultimate parent company. 7. Palace Revive Developments Limited is a company controlled by ADCM Ltd.
8. Palace Real Estate Partners LP is a partnership that controls Palace Revive Developments Limited.
10. Events after the reporting date
Interim dividends of 35.43p per share were paid on 5(th) September 2014. The total payment amounted to GBP14.99m.
On 19(th) September 2014 Northacre Capital (7) Limited, a wholly owned subsidiary of Northacre PLC, signed a loan facility agreement with the Royal Bank of Scotland PLC. The facility is for a maximum of GBP3.15m and was signed to finance the development of the Prince Edward Mansions project. The repayment date is the earlier of:
- the latest expiry date of the current interest period outstanding as at the date of completion of the sale of the project and
- the date which falls 18 months after the date on which the loan is drawn.
The first tranche shall be drawn within 3 months from 5(th) September 2014. The interest payable was agreed at 3.25% per annum above LIBOR. In addition the Company will pay a GBP31,500 arrangement fee, a quarterly monitoring fee of GBP2,500 per quarter and a fee of 1.25% of the highest amount outstanding at any time under the loan agreement.
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