21st Oct 2005 16:33
Northacre PLC21 October 2005 STOCK EXCHANGE ANNOUNCEMENT 21 OCT 05 NORTHACRE - ODEON KENSINGTON As announced on Tuesday 18th October 2005, Northacre PLC have acquired The Odeonsite, Kensington High Street in a joint venture with Minerva PLC. For the Groupthe main features of this transaction comprise; an equity contribution, feeincome and a profit share scheme. With the Senior Debt facilities approved, it is anticipated that Northacre'sequity requirement will be £550,000. 50% of this will be due for payment atcompletion on 25th November 2005 with the balance to be paid on or before 1stJanuary 2006. The Group will receive up to 2.2% of the gross costs for theDevelopment Management fees as well as Architectural and Interior Design feesover the next three to four years. In return for Northacre's participation asthe residential developer partner the profit share return to the company willrange from 5% up to 60% depending on the outcome of the development. The company also announces that it has issued a convertible loan stockinstrument for £225,000 redeemable in September 2007 at a fixed interest rate of10%. Under the terms of this instrument, should the loan remain outstandingafter 21st April 06, the loanstock holder has a right to convert the loan intoordinary shares at a price of 5 pence per share. Enquiries: Northacre PLC 020 7349 8000 John Hunter Chief ExecutiveManish Santilale Finance Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NTA.L