TIDMNTA
RNS Number : 8769J
Northacre PLC
15 September 2016
NORTHACRE PLC
(the "Company" or "Group")
Interim results for the six months ended 30(th) June 2016
15(th) September 2016
Northacre PLC is pleased to announce its interim financial
results for the six months ended 30(th) June 2016. The Interim
Report and Accounts will be available shortly on the Company's
website www.northacre.com.
Extracts from the Company's Interim Report and Accounts are
shown below.
Enquiries:
Northacre PLC
Niccolò Barattieri di San Pietro (Chief Executive Officer)
020 7349 8000
finnCap Limited (Nominated Adviser and Broker)
Stuart Andrews
Emily Watts
020 7220 0500
Chairman's Statement
The referendum vote to leave the EU is expected to result in
added caution in the prime residential market, in addition to the
current headwinds that are facing this sector.
Chief amongst these is stamp duty, and it is difficult to see
how the new government can continue to ignore the decline in
taxation income as a result of falling sales. There has been no
positive impact at the lower end of the market, and we believe the
current stamp duty levy will have to be reviewed before long.
Clearly there remains political and economic uncertainty in
particular with regard to our future relationship with the EU. It
is too early to make any predictions about the precise impact of
the vote to leave EU, and the outlook for the prime residential
sector is therefore that it will remain flat at least for the next
few months. In the meantime, committed investors will use the
opportunity to acquire financial assets cheaply against the
backdrop of the fall in the value of sterling, though this is less
likely to be so beneficial to the prime residential sector.
Northacre, however, has good reason to be optimistic as it
constructs two significant projects, 1 Palace Street and The
Broadway, in a rather more benign construction climate, with the
potential for delivery to the market at a time of more economic
certainty.
Klas Nilsson
Non-Executive Chairman
Chief Executive's Statement
In the last few months we have had the Brexit vote which has
brought some further uncertainty to the high-end housing market. In
this uncertain market Northacre is fully committed to delivering
the most desirable and beautifully crafted homes. We strongly
believe that the flight to quality will become even more apparent
in the short to medium term and that quality will be rewarded with
premium exit values.
Having talked about a more cautionary outlook it is also
important to note that the strength of the Dollar towards the Pound
makes London a much more attractive market for Dollar denominated
(or pegged) buyers. We have already started seeing this in our
viewings.
Current Developments
The Broadway
Since we achieved planning consent in late February 2016 we have
been working on submitting an S73 Planning Application which would
see the number of units increase and hence the average size
decrease. This is in response to end users looking for smaller
apartments.
During this period we have also selected the demolition
contractor who is due to start on-site in November 2016, the week
after we gain vacant possession of the building.
1 Palace Street
Balfour Beatty has been selected as the general contractor and
took possession of the site in June 2016. Careys has been awarded
the contract for the basement and frame. They are on-site and in
the process of breaking the existing concrete pile caps.
As of August 2016 we have exchanged on thirty nine units out of
seventy two. This is eleven more since our last update in April
2016.
Vicarage Gate House
This development achieved practical completion in April 2016. In
May 2016 we resumed the sales push and to date we have sold four
out of the thirteen units. We had two further units which had
exchanged but unfortunately did not complete. We have received two
further offers which we turned down as they were too low.
13&14 Vicarage Gate
We achieved practical completion on the last unit in May 2016.
At present we have sold the first floor unit and the second floor
is under offer and should exchange in early October 2016. Moreover,
we have had other offers at prices substantially below asking price
which have been rejected.
Chester Square
The development is moving along swiftly, the contractor is
on-site and is undertaking the structural works and refitting the
roof. All the interior design has been agreed and signed off by the
client. Practical completion is expected in July 2017.
22 Prince Edward Mansions
The high-end market in the area has seen very little activity
since we put the property on the market in February 2016. We have
taken the property off the market for the summer months and will be
relisting it in mid-September at the reduced price of GBP6.55
million. We are hoping that this will create a stronger interest
for the property.
Outlook
In my last update I discussed how construction inflation had
reached unsustainable levels and the effect this would have on
supply and pricing. It is interesting to note that construction
inflation has already slowed down considerably and we now believe
that it will be minimal for the foreseeable future.
Niccolò Barattieri di San Pietro
Chief Executive Officer
Financial Review
Consolidated Interim Statement of Comprehensive Income
(Unaudited)
The Group's revenue for the six month period decreased by
GBP0.2m to GBP1.8m (2015: GBP2.0m) as a result of lower development
management fees received from the Vicarage Gate House, 13/14
Vicarage Gate and Chester Square developments. Vicarage Gate House
achieved practical completion in April 2016 and 13/14 Vicarage Gate
achieved practical completion in May 2016. There are no further
development management fees expected from these two projects.
Practical completion of the Chester Square development is now
expected in July 2017 with some delays at planning and design
stages which resulted in fees being spread over a longer project
life, with further expected fees of GBP40,000 in the next 12
months. 77% of the reported development fee income is from 1 Palace
Street (GBP1.0m) and The Broadway (GBP0.4m) projects. N Studio's
revenue remained consistent with the previous period at GBP0.3m
(2015: GBP0.3m) and other revenue of GBP0.1m is from Vicarage Gate
House and Chester Square development.
Administrative expenses have increased to GBP2.2m (2015:
GBP2.1m). The Group reported a loss before taxation of GBP0.5m
(2015: GBP0.4m).
Consolidated Interim Statement of Financial Position
(Unaudited)
The Group's cash position has remained stable in comparison to
the 31(st) December 2015 position and as at 30 June 2016 had cash
and cash equivalents of GBP1.1m (31(st) December 2015:
GBP1.2m).
Available for sale financial assets of GBP10.0m in the
Consolidated Interim Statement of Financial Position (Unaudited)
represent the fair value of the investment in the 1 Palace Street
development. The GBP5.5m (2015: GBP4.6m) inventories balance
primarily relates to the 22 Prince Edward Mansions development
which achieved practical completion in December 2015. The
development has been funded by reserves and a loan from the Royal
Bank of Scotland which is due to be repaid in full on the earlier
of the sale of the property which is expected by the end of the
financial year or by 2(nd) December 2016.
Capital and Reserves
The Directors do not recommend the payment of an interim
dividend as the funds of the Company are fully employed.
Kasia Maciborska-Singh
Group Financial Controller
Northacre PLC
Consolidated Interim Statement of Comprehensive Income
(Unaudited)
6 Months 6 Months Year
ended ended ended
Note 30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Continuing operations
Group revenue 2 1,823 1,991 4,171
Cost of sales (80) (239) (632)
---------- ---------- -----------
Gross profit 1,743 1,752 3,539
Administrative expenses (2,210) (2,104) (4,697)
---------- ---------- -----------
Group loss from operations (467) (352) (1,158)
Investment revenue - 1 2
Loss before taxation (467) (351) (1,156)
Taxation - - (9)
---------- ---------- -----------
Loss for the period attributable
to equity holders of the Company (467) (351) (1,165)
========== ========== ===========
Loss per ordinary share 3
Basic (1.10)p (0.83)p (2.75)p
Diluted (1.10)p (0.83)p (2.75)p
Northacre PLC
Consolidated Interim Statement of Financial Position
(Unaudited)
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 8,007 8,007 8,007
Property, plant and equipment 535 664 596
Available for sale financial
assets 5 10,000 10,000 10,000
---------- ---------- -----------
18,542 18,671 18,603
---------- ---------- -----------
Current assets
Inventories 5,546 4,661 5,242
Trade and other receivables 6 1,960 1,892 2,116
Cash and cash equivalents 1,077 2,021 1,205
---------- ---------- -----------
8,583 8,574 8,563
---------- ---------- -----------
Total assets 27,125 27,245 27,166
========== ========== ===========
Current liabilities
Trade and other payables 7 1,918 1,554 1,602
Borrowings, including
lease finance 8 2,460 1,662 2,350
---------- ---------- -----------
4,378 3,216 3,952
---------- ---------- -----------
Non-current liabilities
Borrowings, including
lease finance - - -
---------- ---------- -----------
Total liabilities 4,378 3,216 3,952
========== ========== ===========
Equity
Share capital 1,058 1,058 1,058
Share premium account 22,565 22,565 22,565
Retained earnings (876) 406 (409)
---------- ---------- -----------
Total equity 22,747 24,029 23,214
---------- ---------- -----------
Total equity and liabilities 27,125 27,245 27,166
========== ========== ===========
Northacre PLC
Consolidated Interim Statement of Cash Flows (Unaudited)
6 Months 6 Months Year
ended ended ended
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss for the period before tax (467) (351) (1,156)
Adjustments for:
Investment revenue - (1) (2)
Finance costs 8 2 -
Depreciation and amortisation 70 73 144
Increase in inventories (304) (469) (1,050)
Decrease/(increase) in trade and
other receivables 156 (1,115) (1,339)
Increase in trade and other payables 426 726 764
------------ ----------- -----------
Cash used in operations (111) (1,135) (2,639)
Interest paid (8) (2) -
Corporation tax - - -
------------ ----------- -----------
Net cash used in operating activities (119) (1,137) (2,639)
------------ ----------- -----------
Cash flows from investing activities
Purchase of property, plant and
equipment (9) (15) (18)
Interest received - 1 2
Net cash used in investing activities (9) (14) (16)
------------ ----------- -----------
Cash flows from financing activities
Proceeds from borrowings - 662 1,350
------------ ----------- -----------
Net cash generated from financing
activities - 662 1,350
------------ ----------- -----------
Decrease in cash and cash equivalents (128) (489) (1,305)
Cash and cash equivalents at beginning
of period 1,205 2,510 2,510
------------ ----------- -----------
Cash and cash equivalents at end
of the period 1,077 2,021 1,205
============ =========== ===========
Cash and cash equivalents at 30(th) June 2016 and 30(th) June 2015
represent bank deposits held by the Group.
Northacre PLC
Consolidated Interim Statement of Changes in Equity
(Unaudited)
Called
Up Share Retained Total
Share Premium Earnings
Capital Account
GBP'000 GBP'000 GBP'000 GBP'000
As at 1(st) January 2015 1,058 22,565 757 24,380
Total comprehensive loss
for the period - - (351) (351)
Transactions with owners
of the Company:
Dividends - - - -
-------- -------- --------- --------
As at 30(th) June 2015 1,058 22,565 406 24,029
Total comprehensive loss
for the period - - (815) (815)
Transactions with owners
of the Company:
Dividends - - - -
-------- -------- --------- --------
As at 31(st) December
2015 1,058 22,565 (409) 23,214
Total comprehensive loss
for the period - - (467) (467)
Transactions with owners
of the Company:
Dividends - - - -
-------- -------- --------- --------
As at 30(th) June 2016 1,058 22,565 (876) 22,747
======== ======== ========= ========
Northacre PLC
Notes to the Unaudited Interim Financial Statements
For the Six Months ended 30(th) June 2016
1. Basis of Preparation and Accounting Policies
Basis of Preparation
The interim financial information for the six months ended
30(th) June 2016 and 30(th) June 2015 is unaudited. The interim
financial information was approved by the Board of Directors on
14(th) September 2016.
The statutory financial statements for the year ended 31(st)
December 2015, prepared under International Financial Reporting
Standards (IFRS), have been reported on by the Group auditors and
delivered to the Registrar of Companies. The audit report was
unqualified and did not contain a statement under s498 of the
Companies Act 2006.
These accounts have been prepared in accordance with
International Accounting (IAS) 34 'Interim Financial
Reporting'.
The interim financial information does not constitute statutory
financial statements as defined in Section 434 of the Companies Act
2006.
Accounting Policies
The accounting policies adopted are consistent with those
applied as at 31(st) December 2015 and those that the Directors
expect to be adopted as at 31(st) December 2016. They are set out
in full in the financial statements for the year ended 31(st)
December 2015.
Going Concern
The Company and Group currently meet their day-to-day working
capital requirements through fees receivable from its projects:
Chester Square, Vicarage Gate House, 1 Palace Street and The
Broadway.
The Directors have prepared detailed cash flow projections for
the period ending 31(st) December 2020 making reasonable
assumptions about the levels and timings of income and expenditure,
and in particular the timing of receipt of certain fees due from
major developments. These projections show that the Group can meet
its on-going working capital requirements. On this basis the
Directors consider it appropriate to prepare the financial
statements on a going concern basis.
Significant Judgements and Estimates of Areas of Uncertainty
In preparing these financial statements the Directors are
required to make judgements and best estimates of the outcome of
and in particular, the timing of revenues, expenses, assets and
liabilities based on assumptions. These assumptions are based on
historical experience and various other factors that are considered
reasonable under the various circumstances. The estimates and
assumptions are reviewed on a regular basis with any revisions
being applied in the relevant period. The material areas where
estimates and assumptions are made are:
- The valuation of goodwill;
- The valuation of available for sale financial assets; and
- The status and progress of the developments and projects.
Basis of Consolidation
The Group financial statements include the financial statements
of the Company and its subsidiary undertakings. Subsidiary
undertakings are all entities over which the Group has the power to
govern the financial and operating policies of the subsidiary and
therefore exercises control. The existence and effect of both
current voting rights and potential voting rights that are
currently exercisable or convertible are considered when assessing
whether control of an entity is exercised. Subsidiaries are
consolidated from the date at which the Group obtains the relevant
level of control and are de-consolidated from the date at which
control ceases.
Revenue
Revenue represents amounts earned by the Group in respect of
services rendered during the period net of value added tax. Shares
in development profits and performance fees are recognised when the
amounts involved have been finally determined and agreed criteria
for recognition have been fulfilled. Fees in respect of project
management and interior and architectural design are recognised in
accordance with the stage of completion of the contract.
Revenue also includes sales commission fees receivable where the
Group acts as sales agent on developments. The sales commission is
recognised 50% on exchange of contracts, which is not-refundable
and 50% on completion.
Investments
Investments in subsidiaries, associates and joint ventures, and
other investments are presented in the Group and Parent financial
statements at cost, less any necessary provision or impairment.
Associates
Associates are entities over which the Group exercise
significant influence but does not exercise control. Investments in
associates are accounted for using the equity method of accounting
and are initially recognised at cost, which includes goodwill
identified on acquisition, net of any accumulated impairment loss.
The Group's share of its associate's profits or losses after
acquisition of its interest is recognised in profit or loss and
cumulative post-acquisition movements are adjusted against the
carrying amount of the investment. Where the Group's share of
losses of an associate equals or exceeds the carrying amount of the
investment, the Group only recognises further losses where it has
incurred obligations or made payments on behalf of the
associate.
Financial Assets
Available for sale financial assets consist of equity
investments in other entities where the Group does not exercise
either control or significant influence. The investments reflect
capital contributions made in respect of projects undertaken with
other partners in which the Group will be entitled to an eventual
profit share.
Available for sale financial assets are shown at fair value at
each reporting date with changes in fair value being shown in Other
Comprehensive Income, or at cost less any necessary provision for
impairment where a reliable estimate of fair value is not able to
be determined.
Impairment of Assets
Assets that have an indefinite useful life are not subject to
amortisation but are instead tested annually for impairment and are
subject to additional impairment testing if events or changes in
circumstances indicate that the carrying amount of an asset may not
be recoverable.
Assets that are subject to depreciation and amortisation are
reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
Indicators of impairment are reviewed annually.
An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset's fair value less
costs to sell and value in use. Any impairment charge is recognised
in profit or loss in the year in which it occurs. When an
impairment loss, other than an impairment loss on goodwill,
subsequently reverses due to a change in the original estimate, the
carrying amount of the asset is increased to the revised estimate
of its recoverable amount, up to the carrying amount that would
have resulted, net of depreciation, had no impairment loss been
recognised for the asset in prior years.
Business Combinations and Goodwill
Goodwill relating to acquisitions prior to 1(st) March 2006 is
carried at the net book value on that date and is no longer
amortised but is subject to annual impairment review. On
acquisition, the assets, liabilities and contingent liabilities of
a subsidiary are measured at their fair values at the date of
acquisition. Any excess of the cost of acquisition over the fair
values of the identifiable net assets acquired is recognised as
goodwill. Any deficiency of the cost of acquisition below the fair
values of the identifiable net assets acquired (i.e. discount on
acquisition) is credited to profit or loss in the period of
acquisition. Goodwill is tested annually for impairment.
Capital and Financial Risk Management
The Group manages its capital to ensure that the Group will be
able to continue as a going concern, while maximising the return to
shareholders through the optimisation of its debt and equity
balance.
The capital structure of the Group consists of cash and cash
equivalents and equity attributable to equity holders of the Parent
Company, comprising issued capital, share premium account and
retained profits.
The Group manages the capital structure and makes adjustments to
it in the light of changes in economic conditions. In order to
maintain or adjust the capital structure, the Group may adjust the
amount of dividends payable to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt or
increase capital.
The Board regularly reviews the capital structure, with an
objective to minimise net debt whilst investing in the development
opportunities.
The Group's activities expose it to a variety of financial risks
and those activities involve the analysis, evaluation, acceptance
and management of some degree of risk or combination of risks.
Taking risks is core to the property business and the operational
risks are an inevitable consequence of being in business. The
Group's aim is to achieve an appropriate balance between risk and
return and minimise potential adverse effects on the Group's
performance.
The Group's risk management policies are designed to identify
and analyse these risks, to set appropriate risk limits and
controls, and to monitor the risks by means of a reliable
up-to-date information system. The Group regularly reviews its risk
management policies and systems to reflect changes in markets,
products and emerging best practice.
Risk management is carried out by the Board of Directors.
Directors are responsible for the identification of the major
business risks faced by the Group and for determining the
appropriate course of action to manage those risks. The most
important types of risk are credit risk, liquidity risk and market
risk. Market risk includes currency, interest rate and other price
risks.
2. Segmental Information
Segmental information is presented in respect of the Group's
business segments. The business segments are based on the Group's
corporate and internal reporting structure. Segment results and
assets include items directly attributable to a segment as well as
those that can be allocated to a segment on a reasonable basis. The
segmental analysis of the Group's business as reported internally
to management is as follows:
Revenue 6 Months 6 Months Year
ended ended ended
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 1,555 1,732 3,414
Interior design 268 259 509
Sales agency commission - - 248
---------- ---------- -----------
1,823 1,991 4,171
========== ========== ===========
Loss before taxation 6 Months 6 Months Year
ended ended ended
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management (312) (193) (580)
Interior design (154) (156) (572)
Architectural design (1) (2) (4)
---------- ---------- -----------
(467) (351) (1,156)
========== ========== ===========
Assets 30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 26,729 27,011 26,988
Interior design 378 214 159
Architectural design 18 20 19
---------- ---------- ---------------
27,125 27,245 27,166
========== ========== ===============
Liabilities 30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Development management 1,979 1,553 1,886
Interior design 1,787 1,053 1,454
Architectural design 612 610 612
-------------- ---------- -----------
4,378 3,216 3,952
============== ========== ===========
3. Loss per share 6 Months 6 Months Year
ended ended ended
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
Weighted average number of shares
in issue 42,335,538 42,335,538 42,335,538
Loss for the period attributable
to equity holders of the Company
(GBP'000) (467) (351) (1,165)
=========== =========== ===========
Basic loss per share (pence) (1.10) (0.83) (2.75)
=========== =========== ===========
Diluted loss per share (pence) (1.10) (0.83) (2.75)
=========== =========== ===========
There were no potentially dilutive instruments in issue during
the current or preceding periods. All amounts shown relate to
continuing and total operations.
4. Dividends
No interim dividends were paid during the period.
5. Available for sale financial assets Unaudited
GBP'000
At 1(st) January 2015 10,000
Changes in the period -
----------
At 30(th) June 2015 10,000
Changes in the period -
----------
At 31(st) December 2015 10,000
Changes in the period -
----------
At 30(th) June 2016 10,000
==========
The GBP10m represents the Company's investment in the partnership
that controls the 1 Palace Street development.
6. Trade and other receivables
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Trade receivables 270 188 845
Other receivables 201 220 200
Prepayments and accrued
income 1,489 1,484 1,071
1,960 1,892 2,116
========== ========== ===========
7. Trade and Other Payables
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Trade payables 1,479 213 171
Social security
and other taxes 209 56 146
Other payables - 2 3
Accruals and deferred
income 230 1,283 1,282
1,918 1,554 1,602
========== ========== ===========
8. Borrowings, including lease finance
30.6.2016 30.6.2015 31.12.2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Bank loan 2,460 1,662 2,350
2,460 1,662 2,350
========== ========== ===========
A loan facility of GBP3,150,000 was made available by the Royal
Bank of Scotland from the 19(th) September 2014 to Northacre
Capital (7) Limited in respect of the property at 22 Prince Edward
Mansions. The loan is available on a drawdown basis and as at
30(th) June 2016 GBP2,460,000 was drawn including fees and
interest. The loan incurs interest at 3.25% above the LIBOR rate
and is charged quarterly and as at 30(th) June 2016 further
interest and bank charges of GBP46,424 were included in accruals
and deferred income. The loan was revised in January 2016 with
repayment terms being changed due to delayed completion of the
project. The loan is due to be repaid the earlier of the latest
expiry date of the current interest period outstanding as at the
date of completion of sale of the property or 2(nd) of December
2016. The loan is secured via a first legal charge over the
property included within inventories, a guarantee for GBP120,000
given by Northacre PLC and a charge over certain cash balances. In
accordance with the loan agreement further drawdowns are not
permitted post 2(nd) December 2016.
9. Related Party Transactions
Nature
of 30.6.2016 30.6.2015 31.12.2015 Nature of
Relationship Unaudited Unaudited Audited Transactions
GBP'000 GBP'000 GBP'000
------------------- ------------- ---------- ---------- ----------- ------------------------
Non-executive
Directors' fees
representing a
balance at the
E.B. Harris 1 (70) (40) (55) end of the period
-------------------- ------------- ---------- ---------- ----------- ------------------------
Non-executive
Directors' fees
representing amounts
accrued
E.B. Harris 1 (15) (15) (30) during the period
-------------------- ------------- ---------- ---------- ----------- ------------------------
Non-executive
Directors' fees
representing a
balance at the
A. de Rothschild 2 (18) (18) (18) end of the period
-------------------- ------------- ---------- ---------- ----------- ------------------------
Consultancy fees
charged during
Abu Dhabi Capital the period; GBP600,000
Management was paid
Limited 3 (600) (600) (1,200) in July 2016
-------------------- ------------- ---------- ---------- ----------- ------------------------
Expenses charged
Abu Dhabi Capital during the period
Management as per the consultancy
Limited 3 24 (5) 52 agreement
-------------------- ------------- ---------- ---------- ----------- ------------------------
Deferred balance
of development
Palace Revive management fees
Development at the end of
Limited 4 - (1,015) (507) the period
-------------------- ------------- ---------- ---------- ----------- ------------------------
Development management
fees receivable
Palace Revive during the period
Development as per the development
Limited 4 1,014 1,014 2,028 management agreement
-------------------- ------------- ---------- ---------- ----------- ------------------------
Recharge of expenses
paid on behalf
Palace Revive of Palace Revive
Development Development Limited
Limited 4 5 120 159 during the period
-------------------- ------------- ---------- ---------- ----------- ------------------------
Sales agency fees
charged in the
year ended 31(st)
December 2015
Palace Revive as per multiple
Development selling agents
Limited 4 - - 248 agreements
-------------------- ------------- ---------- ---------- ----------- ------------------------
Amount invested
by Northacre PLC
into Palace Real
Estate Partners
Palace Real LP representing
Estate a balance at the
Partners LP 5 10,000 10,000 10,000 end of the period
-------------------- ------------- ---------- ---------- ----------- ------------------------
Development management
fees charged during
the period as
BL Development per the development
Limited 6 400 400 800 management agreement
-------------------- ------------- ---------- ---------- ----------- ------------------------
Value of an interior
design contract
signed in the
period between
J. Alsediqqi and
J. Alseddiqi 7 429 - - N Studio Limited
-------------------- ------------- ---------- ---------- ----------- ------------------------
Nature of Relationship
1. E.B. Harris is a Director of the Company, and a member of E.C. Harris LLP.
2. A. de Rothschild was a Director of the Company (resigned 11(th) February 2014).
3. Abu Dhabi Capital Management Limited (ADCM) is a fully owned
subsidiary of Abu Dhabi Financial Group LLC (ADFG), the Group's
ultimate parent company.
4. Palace Revive Development Limited is a company set up to
develop the 1 Palace Street development and is controlled by ADCM
Limited.
5. Palace Real Estate Partners LP is a partnership that owns
Palace Revive Development Limited. Northacre PLC is a limited
partner of Palace Real Estate Partners LP.
6. BL Development Limited is a company set up to develop The
Broadway (New Scotland Yard) development and is controlled by ADCM
Limited.
7. J. Alseddiqi is a Director of ADFG.
10. Other Information
The interim statement was approved by the Directors on 14(th)
September 2016.
A copy of the announcement will be made available on our
website:
www.northacre.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUMWBUPQGQC
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From Mar 2024 to Mar 2025
