22nd Jan 2014 16:02
LONDON (Alliance News) - Dragon-Ukrainian Properties & Development PLC Wednesday said it plans to consult shareholders on its proposed change in investing policy which it hopes will reflect its fully invested status.
The firm said it plans to make no new property investments and, "monetise its existing property investments as quickly and effectively as the Ukrainian property market will allow and return the proceeds to shareholders."
Dragon-Ukrainian also hopes to adopt a new management agreement to align the manager's fees with the new investing policy and a new directors incentive plan to realign the directors' remuneration to reflect the additional time required to oversee the manager's execution of the new investing policy.
The company said it plans to re-register as a regulated company in the Isle of Man in order to facilitate distributions to Shareholders. These changes will also require an amendment to the company's existing articles of association.
The stock was trading at 34.00 pence Wednesday afternoon, up 1.00 pence or 3.0%.
By Anthony Tshibangu; [email protected];
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