THIS RELEVANT FACT IS A TRANSLATION OF THE SPANISH VERSION. IN CASE OF ANY
DISCREPANCIES, THE SPANISH VERSION SHALL PREVAIL.
Madrid, 5 June 2019
Pursuant to the terms set forth in Article 17 of EU Regulation No. 596/2014 with regard to abuse of markets and Article 228 of the Consolidated Text of the Stock Exchange Law, approved by Royal Legislative Decree 4/2015 dated October 23 and other related provisions, as well as Notice 6/2018 of the Mercado Alternativo Bursátil ("MAB"), VBARE Iberian Properties SOCIMI, S.A. (the "Company" or "VBARE") hereby publishes the following:
RELEVANT FACT
In relation to the Relevant Fact published on May 17, 2019, and as the Company undertook therein, it is attached to this Relevant Fact a presentation with a detailed explanation of the Success Fee calculation, with all its mechanisms, which would come into effect from 1 January 2019 subject to the execution of the announced share capital increase in a minimum amount of 12,500,000 euros.
The success fee would then be calculated as a 16% of the Annual Share Price Increase. The Annual Increase in the Share Price will be the difference between the weighted average Share Price of the Company in the 90 trading sessions prior to the close of the corresponding year and the weighted average Share Price of the Company in the 90 trading sessions prior to the close of the previous year, adjusted for dividends or other distributions made in the year in such year.
The management agreement amendment as per the Company´s opinion entails a better alignment of interests between the Company, the Shareholders and the Management Company.
We remain at your disposal for any clarification that may be necessary.
Mr. Íñigo Sánchez del Campo Basagoiti
Non-Board Secretary of the Board of Directors
VBARE Iberian Properties SOCIMI, S.A.
1
SUCCESS FEE CALCULATION
June 5, 2019
DEFINITIONS (I)
-SUCCESSFEE FROM JANUARY 1, 2019:THE COMPANY SHALL PAY TO THE MANAGEMENT COMPANY AN ANNUAL SUCCESS FEE (THE "SUCCESS
FEE") IN THE RATE OF 16% + VAT OF THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR. THE SUCCESS FEE SHALL ONLY BE PAID AFTER AND
SUBJECT TO MEETING AN ANNUAL HURDLE RATE AND BASED ON A CATCH-UP MECHANISM. THE SUCCESS FEE WILL BE COMPOSED BY THE FULLY CATCH-UP PLUS THE CARRIED INTEREST, IF ANY
IN CASE THE COMPANY RECEIVES A TENDER OFFER TO THE 100% OF THE SHARES, THE MARKET PRICE OF THE RELEVANT YEAR WOULD MEAN THE PRICE PER SHARE PAID IN THE TENDER OFFER. THE SUCCESS FEE IN THIS CASE, WOULD BE PAID IN CASH WITHIN THE 7 BUSINESS DAYS FROM THE DATE OF THE EXECUTION. ADDITIONAL SUCCESS FEE WOULD BE CALCULATED AT YEAR END PRORATED TO THE NUMBER OF DAYS ELAPSED FROM THE TENDER OFFER EXECUTION UNTIL THE YEAR END BASED ON THE GENERAL SUCCESS FEE CALCULATION METHOD (SEE EXAMPLE 4)
-HURDLERATE AMOUNT OF THE RELEVANT YEARMEANS 6% OF THE NET MARKET CAPITALISATION OF THE PREVIOUS YEAR, ADJUSTED BY ANY
DIVIDENDS OR DISTRIBUTIONS TO SHAREHOLDERS, ANY ACQUISITIONS OR SALES OF TREASURY SHARES AND ANY ISSUES OR REDEMPTION OF SHARES MADE DURING THE RELEVANT YEAR. SUCH ADJUSTMENTS SHALL BE WEIGHTED BY THE NUMBER OF DAYS ELAPSED FROM THE DATE OF THE TRIGGERING EVENT UNTIL 31 DECEMBER OF THE RELEVANT YEAR
-DISTRIBUTABLEAMOUNT OF THE RELEVANT YEARMEANS THE NET MARKET CAPITALISATION OF THE RELEVANT YEAR MINUS THE NET MARKET CAPITALISATION OF THE PREVIOUS YEAR, ADJUSTED BY ANY DIVIDENDS OR DISTRIBUTIONS MADE TO SHAREHOLDERS, ANY ACQUISITIONS OR SALES OF TREASURY SHARES AND ANY ISSUES OR REDEMPTION OF SHARES MADE DURING THE RELEVANT YEAR
2
DEFINITIONS (II)
-NETMARKET CAPITALISATIONMEANS FOR ANY YEAR THE MARKET PRICE OF THAT YEAR MULTIPLIED BY THE NET NUMBER OF SHARES OF
THAT YEAR
-MARKETPRICEOF ANY YEAR MEANS THE WEIGHTED AVERAGE UNITARY MARKET PRICE ON THE STOCK EXCHANGES OF THE COMPANY'S SHARES DURING THE 90 TRADING DAYS PREVIOUS TO THE END OF THAT YEAR
-NETNUMBER OF SHARESOF ANY YEAR MEANS THE TOTAL NUMBER OF SHARES OF THE COMPANY ON DECEMBER 31 OF THAT YEAR MINUS THE NUMBER OF TREASURY SHARES HELD ON 31 DECEMBER OF THAT YEAR
-ADJUSTEDMARKET CAPITALISATION OF 2018MEANS EUR 37,145,000. THIS IS THE MINIMUM AMOUNT TO BE USED TO CALCULATE THE HURDLE
RATE AMOUNT OF THE RELEVANT YEAR (EQUIVALENT TO €15,7 PER SHARE).
-PREVIOUSYEARMEANS THE FINANCIAL YEAR PRECEDING THE YEAR IN WHICH THE PAYABLE CATCH UP FEE IS FULLY PAID TO THE MANAGEMENT COMPANY AND IF IT IS NOT FULLY PAID TO THE MANAGEMENT COMPANY, ACCORDING TO A CATCH-UP MECHANISM
-RELEVANTYEARMEANS THE FINANCIAL YEAR DURING WHICH THE SUCCESS FEE ACCRUES
-STOCKEXCHANGESMEANS THE STOCK EXCHANGES WHERE THE COMPANY'S SHARES ARE TRADED
3
CATCH UP MECHANISM
IF, FOR ONE OR MORE YEARS, THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR IS NOT ENOUGH TO FULLY PAY THE CATCH UP AFTER DEDUCTING THE HURDLE RATE, A FULL CATCH UP MECHANISM WILL BE IMPLEMENTED
THE PERIOD FOR WHICH THE SUCCESS FEE IS CALCULATED WILL LAST FROM 31 DECEMBER OF THE PREVIOUS YEAR (I.E., THE LAST YEAR IN WHICH THE PAYABLE CATCH UP WAS FULLY PAID) UNTIL 31 DECEMBER OF THE FINANCIAL YEAR ONGOING
THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR WILL BE FOR A PERIOD (TWO OR MORE YEARS) AND SHALL BE ALLOCATED AS FOLLOWS:
FIRST:AN AMOUNT EQUAL TO THE HURDLE RATE OF THAT PERIOD WILL BE ALLOCATED TO SHAREHOLDERS
SECOND:IF THERE IS ANY EXCESS OF DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR FOR THE PERIOD OVER THE HURDLE RATE, THE FULLY CATCH UP (CALCULATED FOR THE ENTIRE PERIOD), DEDUCTING ANY AMOUNT ON THE ACCOUNT OF CATCH UP ALREADY PAID IN THE PREVIOUS YEARS, SHALL BE PAID TO THE MANAGEMENT COMPANY WITH A MAXIMUM AMOUNT BASED ON THE FOLLOWING FORMULA;
ℎ ℎ × 16% × (1 + )
1 − (16% × 1 + )
THIS AMOUNT IS CALLED "CATCH UP"
THIRD,IF THERE IS ANY FURTHER EXCESS OF DISTRIBUTABLE AMOUNT AFTER ALLOCATING THE ACCRUED HURDLE RATE AND PAYING THE CATCH UP, THE EXCESS SHALL BE ALLOCATED AS FOLLOWS: 16% MULTIPLIED BY (1 + APPLICABLE VAT) TO THE MANAGEMENT COMPANY (THIS AMOUNT SHALL BE CALLED THE CARRIED INTEREST) AND THE DIFFERENCE SHALL BE ALLOCATED TO SHAREHOLDERS
4
EXAMPLE 1 - YEAR 2019
Market Information | Distributable Amount of the Relevant Year | ||||||
Market Price 12/31/2019 | 15.0 | ||||||
Net Market | |||||||
Net Number of shares 12/31/2019 | 4,608,354 | Net Market Capitalization | Own shares sale | Dividend payment | Share Capital Increase | Dividend payment | Capitalization |
Net Market Capitalization 12/31/2019 | 69,125,310 | a | b | c | d | e | f |
Net Market Capitalization 12/31/2018 | 37,145,000 | 31-Dec-18 | 14-Mar-19 | 15-Mar-19 | 1-Aug-19 | 15-Aug-19 | 31-Dec-19 |
-37,145,000 | -5,012 | 445,563 | -29,993,743 | 554,803 | 69,125,310 | ||
2019 events | |||||||
Own shares sale on 03/14/2019 | 5,012 | a+b+c+d+e+f | |||||
Dividend payment on 03/15/2019 | 445,563 | Distributable amount of the relevant year | 2,981,921 | ||||
Share Capital Increase on 08/01/2019 | 29,993,743 | ||||||
Dividend payment on 08/15/2019 | 554,803 | Hurdle Rate Amount Calculation | |||||
Number of days until | 2019 number of | Hurdle Rate | |||||
Hurdle Rate % | 12/31/2019 | days | Calculation | ||||
g | h | i | j | (g*h)*i/j | |||
Net Market Capitalization 12/31/2018 | 37,145,000 | 6% | 365 | 365 | 2,228,700 | ||
Own shares sale on 03/14/2019 | -5,012 | 6% | 292 | 365 | -241 | ||
Dividend payment on 03/15/2019 | -445,563 | 6% | 291 | 365 | -21,314 | ||
Share Capital Increase on 08/01/2019 | 29,993,743 | 6% | 152 | 365 | 749,433 | ||
Dividend payment on 08/15/2019 | -554,803 | 6% | 138 | 365 | -12,586 | ||
2019 Hurdle Rate | 2,943,993 | ||||||
Success Fee Calculation | |||||||
Distributable amount of the relevant year | k | 2,981,921 | |||||
2019 Hurdle Rate | l | 2,943,993 | Amount Allocated to the Shareholders | ||||
Maximum Catch Up | m = (l*16%*1.21)/(1-16%*1.21) | 706,792Maximum amount that the Management Company could receive in 2019 | |||||
2019 Catch Up | k-l | 37,928Amount really received in 2019 as the (Distributable amount - Hurdle Rate) < Maximum Catch Up | |||||
SUCCESS FEE 2019 | 37,928 | ||||||
AMOUNT TO BE PAID IN SHARES | 31,345 | ||||||
AMOUNT TO BE PAID IN CASH | 6,583 |
AS THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR IS HIGHER THAN THE HURDLE RATE AMOUNT, THE MANAGEMENT COMPANY WOULD HAVE THE RIGHT TO COLLECT SUCCESS FEE
IN THIS CASE, AS THE MANAGEMENT COMPANY HAS NOT RECEIVED THE FULL CATCH UP AMOUNT, THE CATCH UP MECHANISM IS ACTIVATED FOR THE YEAR 2020
5
EXAMPLE 2 - YEAR 2020
AS MANAGEMENT COMPANY DID NOT RECEIVED THE FULL CATCH UP AMOUNT IN 2019, THE CATCH UP MECHANISM HAS BEEN ACTIVATED FOR THE YEAR 2020
Market Information | Distributable Amount of the Relevant Year | |||||||||
Market Price 12/31/2020 | 16.0 | |||||||||
Dividend | Share Capital | Dividend | Net Market | |||||||
Net Number of shares 12/31/2020 | 7,108,354 | Net Market Capitalization | Own shares sale | Dividend payment | Share Capital Increase | Dividend payment | payment | Increase | payment | Capitalization |
Net Market Capitalization 12/31/2020 | 113,733,664 | a | b | c | d | e | f | g | h | i |
Net Market Capitalization 12/31/2018 | 37,145,000 | 31-Dec-18 | 14-Mar-19 | 15-Mar-19 | 1-Aug-19 | 15-Aug-19 | 15-Mar-20 | 1-Aug-20 | 15-Aug-20 | 31-Dec-20 |
-37,145,000 | -5,012 | 445,563 | -29,993,743 | 554,803 | 1,843,342 | -38,750,000 | 3,554,177 | 113,733,664 | ||
2019 events | ||||||||||
Own shares sale on 03/14/2019 | 5,012 | |||||||||
Dividend payment on 03/15/2019 | 445,563 | a+b+c+d+e+f+g+h+i | ||||||||
Share Capital Increase on 08/01/2019 | 29,993,743 | Distributable amount of the relevant year | 14,237,794 | |||||||
Dividend payment on 08/15/2019 | 554,803 | |||||||||
Hurdle Rate Amount Calculation | ||||||||||
Number of days until | 2020 number of | Hurdle Rate | ||||||||
2020 events | Hurdle Rate % | 12/31/2020 | days | Calculation | ||||||
Dividend payment on 03/15/2020 | 1,843,342 | j | k | l | m | (j*k)*l/m | ||||
Share Capital Increase on 08/01/2020 | 38,750,000 | Net Market Capitalization 12/31/2018 | 37,145,000 | 6% | 731 | 365 | 4,463,506 | |||
Dividend payment on 08/15/2020 | 3,554,177 | Own shares sale on 03/14/2019 | -5,012 | 6% | 658 | 365 | -542 | |||
Dividend payment on 03/15/2019 | -445,563 | 6% | 657 | 365 | -48,121 | |||||
Share Capital Increase on 08/01/2019 | 29,993,743 | 6% | 518 | 365 | 2,553,988 | |||||
Dividend payment on 08/15/2019 | -554,803 | 6% | 504 | 365 | -45,965 | |||||
Dividend payment on 03/15/2020 | -1,843,342 | 6% | 291 | 365 | -88,177 | |||||
Share Capital Increase on 08/01/2020 | 38,750,000 | 6% | 152 | 365 | 968,219 | |||||
Dividend payment on 08/15/2020 | -3,554,177 | 6% | 138 | 365 | -80,626 | |||||
2019-2020 Hurdle Rate Amount | 7,722,281 | |||||||||
Success Fee Calculation | ||||||||||
Distributable amount of the relevant year | n | 14,237,794 | ||||||||
2019 Hurdle Rate | o | 7,722,281 | Amount Allocated to the Shareholders | |||||||
Maximum Catch Up | p = (o*16%*1.21)/(1-16%*1.21) | 1,853,960 | Maximum amount that the Management Company could receive for the period 2019-2020 | |||||||
Catch Up received in 2019 | q | 37,928 | ||||||||
Catch Up pending to be received in 2020 | r= p-q | 1,816,033Catch Up amount really received in 2020 as the (Distributable amount - Hurdle Rate - Catch Up 2019) < Maximum Catch Up | ||||||||
Excess | s= n-o-q-r | 4,661,553 | ||||||||
2020 Carried Interest | t = s * (16%*1.21) | 902,477 | ||||||||
SUCCESS FEE 2020 | r+t | 2,718,509 | ||||||||
AMOUNT TO BE PAID IN SHARES | 2,246,702 | |||||||||
AMOUNT TO BE PAID IN CASH | 471,807 |
AS THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR IS HIGHER THAN THE HURDLE RATE AMOUNT, THE MANAGEMENT COMPANY WOULD HAVE THE RIGHT TO COLLECT SUCCESS FEE
IN THIS CASE, THE MANAGEMENT COMPANY HAS RECEIVED THE FULL CATCH UP AMOUNT, THERE IS NO NEED TO ACTIVATE THE CATCH UP MECHANISM IS FOR THE YEAR 2021
6
EXAMPLE 3 - YEAR 2021
Market Information | Distributable Amount of the Relevant Year | ||||||
Market Price 12/31/2020 | 16.0 | ||||||
Net Market | |||||||
Net Number of shares 12/31/20120 | 7,108,354 | Net Market Capitalization | Dividend payment | Share Capital Increase | Dividend payment | Capitalization | |
Net Market Capitalization 12/31/2020 | 113,733,664 | a | b | c | d | e | |
Market Price 12/31/2021 | 16.0 | 31-Dec-20 | 15-Mar-21 | 1-Aug-21 | 15-Aug-21 | 31-Dec-21 | |
Net Number of shares 12/31/2021 | 8,608,354 | -113,733,664 | 2,835,459 | -24,000,000 | 4,304,177 | 137,733,664 | |
Net Market Capitalization 12/31/2021 | 137,733,664 | ||||||
2021 events | a+b+c+d+e | ||||||
Dividend payment on 03/15/2021 | 2,835,459 | Distributable amount of the relevant year | 7,139,636 | ||||
Share Capital Increase on 08/01/2021 | 24,000,000 | ||||||
Dividend payment on 08/15/2021 | 4,304,177 | Hurdle Rate Amount Calculation | |||||
Hurdle Rate % | Number of days until 12/31/2021 | 2021 number of days | Hurdle Rate Calculation | ||||
f | g | h | i | (f*g)*h/i | |||
Net Market Capitalization 12/31/2020 | 113,733,664 | 6% | 365 | 365 | 6,824,020 | ||
Dividend payment on 03/15/2021 | -2,835,459 | 6% | 291 | 365 | -135,636 | ||
Share Capital Increase on 08/01/2021 | 24,000,000 | 6% | 152 | 365 | 599,671 | ||
Dividend payment on 08/15/2021 | -4,304,177 | 6% | 138 | 365 | -97,640 | ||
2021 Hurdle Rate Amount | 7,190,415 |
AS THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR IS LOWER THAN THE HURDLE RATE AMOUNT, THE MANAGEMENT COMPANY WOULD NOT HAVE THE RIGHT TO COLLECT SUCCESS FEE
IN THIS CASE, AS THE MANAGEMENT COMPANY HAS NOT RECEIVED THE FULL CATCH UP AMOUNT, THE CATCH UP MECHANISM IS ACTIVATED FOR THE YEAR 2022
7
EXAMPLE 4 - YEAR 2022 (01/01/2022 - 06/30/2022)
AS MANAGEMENT COMPANY DID NOT RECEIVED THE FULL CATCH UP AMOUNT IN 2021, THE CATCH UP MECHANISM HAS BEEN ACTIVATED FOR THE YEAR 2022 A TENDER OFFER FOR THE COMPANY´S SHARES IS LAUNCHED AND EXECUTED ON JUNE 30, 2022 AT A PRICE PER SHARE OF €17
Market Information | |
Market Price 12/31/2020 | 16 |
Net Number of shares 12/31/2020 | 7,108,354 |
Net Market Capitalization 12/31/2020 | 113,733,664 |
2021 events | |
Dividend payment on 03/15/2021 | 2,835,459 |
Share Capital Increase on 08/01/2021 | 24,000,000 |
Dividend payment on 08/15/2021 | 4,304,177 |
2022 events | |
Tender Offer on 06/30/2022 | 17 |
Net Number of shares 06/30/2022 | 8,608,354 |
Net Market Capitalization 06/30/2022 | 146,342,018 |
(Equal to the tender´s offer share price multiplied by the net | |
number of shares at the date of the tender´s offer termination) |
Distributable Amount of the Relevant Year | ||||
Net Market | ||||
Net Market Capitalization | Dividend payment | Share Capital Increase | Dividend payment | Capitalization |
a | b | c | d | e |
31-Dec-20 | 15-Mar-21 | 1-Aug-21 | 15-Aug-21 | 30-Jun-22 |
-113,733,664 | 2,835,459 | -24,000,000 | 4,304,177 | 146,342,018 |
a+b+c+d+e | |||||
Distributable amount of the relevant year (until 06/30/2022) | 15,747,990 | ||||
Hurdle Rate Amount Calculation | |||||
Hurdle Rate % | Number of days until 06/30/2022 | 2022 number of days | Hurdle Rate Calculation | ||
f | g | h | i | (f*g)*h/i | |
Net Market Capitalization 12/31/2020 | 113,733,664 | 6% | 546 | 365 | 10,207,986 |
Dividend payment on 03/15/2021 | -2,835,459 | 6% | 472 | 365 | -220,001 |
Share Capital Increase on 08/01/2021 | 24,000,000 | 6% | 333 | 365 | 1,313,753 |
Dividend payment on 08/15/2021 | -4,304,177 | 6% | 319 | 365 | -225,704 |
Hurdle Rate Amount until 06/30/2022 | 11,076,035 | |||
Success Fee Calculation | ||||
Distributable amount of the relevant year | j | 15,747,990 | ||
2022 Hurdle Rate | k | 11,076,035 | Amount Allocated to the Shareholders | |
Maximum Catch Up | l = (k*16%*1.21)/(1-16%*1.21) | 2,659,127 | Maximum amount that the Management Company could receive in relation with the tender offer | |
Catch Up received in 2021 | m | 0 | ||
Catch Up pending to be received in 2022 | n= l-m | 2,659,127 | Amount really received in 2022 as the (Distributable amount - Hurdle Rate) < Maximum Catch Up | |
Excess | o= j-k-m-n | 2,012,828 | ||
2022 Carried Interest | p = o * (16%*1.21) | 389,683 | ||
SUCCESS FEE UNTIL 06/30/2022 | n+p | 3,048,811 | ||
AMOUNT TO BE PAID IN SHARES | 0 | |||
AMOUNT TO BE PAID IN CASH | 3,048,811 |
AS THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR IS HIGHER THAN THE HURDLE RATE AMOUNT, THE MANAGEMENT COMPANY WOULD HAVE THE RIGHT TO COLLECT SUCCESS FEE AS THE SUCCESS FEE HAS BEEN CALCULATED ON JUNE 30 DUE TO A TENDER OFFER, THE SUCCESS FEE IS FULLY PAID IN CASH
IN THIS CASE, THE MANAGEMENT COMPANY HAS RECEIVED THE FULL CATCH UP AMOUNT, THERE IS NO NEED TO ACTIVATE THE CATCH UP MECHANISM IS FOR THE YEAR 2022 YEAR END CALCULATION
8
EXAMPLE 5 - YEAR 2022 (07/01/2022 - 12/31/2022)
AS SUCCESS FEE WAS PAID ON JUNE 30 DUE TO A TENDER OFFER, THE SUCCESS FEE IS CALCULATED AT YEAR END FOR THE SIX MONTH PERIOD FROM THE TENDER OFFER UNTIL YEAR END
Market Information | Distributable Amount of the Relevant Year | ||||||
Market Price 12/31/2022 | 17.5 | ||||||
Net Number of shares 12/31/2022 | 8,608,354 | Net Market Capitalization | Dividend payment | Net Market Capitalization | |||
Net Market Capitalization 12/31/2022 | 150,646,195 | a | b | c | |||
30-Jun-22 | 30-Sep-22 | 31-Dec-22 | |||||
2022 events | -146,342,018 | 5,000,000 | 150,646,195 | ||||
Tender Offer on 06/30/2022 | 17 | ||||||
Net Number of shares 06/30/2022 | 8,608,354 | ||||||
Net Market Capitalization 06/30/2022 | 146,342,018 | a+b+c | |||||
Dividend payment on 09/15/2022 | 5,000,000 | Distributable amount of the relevant year (from | 9,304,177 | ||||
Hurdle Rate Amount Calculation | |||||||
Hurdle Rate % | Number of days until 12/31/2022 | 2022 number of days | Hurdle Rate Calculation | ||||
d | e | f | g | (d*e)*f/g | |||
Net Market Capitalization 06/30/2022 | 146,342,018 | 6% | 184 | 365 | 4,426,345 | ||
Dividend payment on 09/15/2022 | -5,000,000 | 6% | 92 | 365 | -75,616 | ||
2022 Hurdle Rate Amount from 07/01/2022 | 4,350,728 | ||||||
Success Fee Calulation | |||||||
Distributable amount of the relevant year | h | 9,304,177 | |||||
2022 Hurdle Rate | i | 4,350,728 | Amount Allocated to the Shareholders | ||||
Maximum Catch Up | j = (i*16%*1.21)/(1-16%*1.21) | 1,044,520 | Maximum amount that the Management Company could receive in 2022 | ||||
2022 Catch Up | j | 1,044,520 | Amount really received in 2022 as the (Distributable amount - Hurdle Rate) < Maximum Catch Up | ||||
Excess | l= h-i-j | 3,908,928 | |||||
2022 Carried Interest | m= l* (16%*1.21) | 756,769 | |||||
SUCCESS FEE FROM 07/01/2022 | j+m | 1,801,289 | |||||
AMOUNT TO BE PAID IN SHARES | 1,488,668 | ||||||
AMOUNT TO BE PAID IN CASH | 312,621 |
AS THE DISTRIBUTABLE AMOUNT OF THE RELEVANT YEAR IS HIGHER THAN THE HURDLE RATE AMOUNT, THE MANAGEMENT COMPANY WOULD HAVE THE RIGHT TO COLLECT SUCCESS FEE
IN THIS CASE, THE MANAGEMENT COMPANY HAS RECEIVED THE FULL CATCH UP AMOUNT, THERE IS NO NEED TO ACTIVATE THE CATCH UP MECHANISM IS FOR THE YEAR 20212 YEAR END CALCULATION
9
10
Attachments
- Original document
- Permalink
Disclaimer
VBARE Iberian Properties SOCIMI SA published this content on 05 June 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 June 2019 20:37:04 UTC