Pacific Industrial & Log REIT PLC Report & Accounts posting and Annual Expense Cap (7420H)
June 12 2017 - 2:00AM
UK Regulatory
TIDMPILR
RNS Number : 7420H
Pacific Industrial & Log REIT PLC
12 June 2017
Pacific Industrial & Logistics REIT plc
("Pacific Industrial & Logistics" or the "Company")
Posting of Report & Accounts and Annual Expense Cap
Pacific Industrial & Logistics, a REIT focused on smaller
industrial and logistics properties, is pleased to announce its
Annual Report & Accounts for the period ended 31 March 2017
will be sent to shareholders on 12 June 2017 and will be made
available today on the Company's website (pacificil.com).
Annual Expense Cap
The Company remains confident in its strategy of investing in
smaller industrial and logistics properties around the UK. However,
the ability of the Company to grow to a scale commensurate with its
ambition, and within its prudent approach to gearing, is presently
constrained by its access to capital. This in turn impacts its
costs as a percentage of total assets. Following discussions
between the Board and the Manager it has been agreed that the
annual total running costs of the Group (excluding finance charges,
performance fees, long-term incentive plan charges and direct
property costs) will be capped at GBP650,000 per annum until there
is a fundraising or other such capital event, including for the
current financial year.
The interim capped fee arrangement is an amendment to the
existing Management Agreement between the Company and the Manager
and accordingly is considered a related party transaction under the
AIM Rules. The independent Directors of the Company consider,
having consulted with the Company's Nominated Adviser, Canaccord
Genuity, that the terms of the transaction are fair and reasonable
insofar as its shareholders are concerned.
As the Company continues to build its institutional investor
base and target scale, longer term management fee and incentive
arrangements will be kept under review.
For further information regarding Pacific Industrial &
Logistics REIT plc please call:
Pacific Industrial & Logistics
REIT Plc
Richard Moffitt +44 (0) 207 591
Sam Tucker 1600
Canaccord Genuity Limited
Nominated Adviser and Broker
Bruce Garrow
Charlie Foster +44 (0) 20 7523
Ben Griffiths 8350
This information is provided by RNS
The company news service from the London Stock Exchange
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