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Equest Balkan Properties adjusts

Equest Balkan Properties Plc (AIM: EBP) a Balkan focused property investment company has adopted an amended dividend policy. The company has also agreed changes to management and performance fees with Equest Property Management Ltd.

On admission to AIM the Company announced an initial target dividend yield equivalent to 7.5% of money raised at the time of listing. The company also declared it intention to increase its target dividend to 10% of initial funds in due course. However, the company now does not foresee an increase to this level until 2010 or beyond.

Under the terms of the new Investment Management Agreement, Equest Property Management Ltd has agreed to management fees equivalent to 1.5% (previously1.8%) of gross property assets per annum. No performance fees have been paid thus far and the Investment Managers have agreed to more stringent performance fee terms

The company will also amend its investment focus to the broader Balkan region including countries that are not currently EU members, and will place a greater emphasis on developing retail, logistics and commercial projects.

The Board is also planning the appointment of additional directors.

Petri Karjalainen, Managing Partner of Equest Partners Ltd (Equest Balkan Properties' investment advisor) said:

"This is an exciting time for the Company, and we believe that its investment strategy together with the other changes announced today will firmly position EBP for the next phase in its growth, whilst also providing an opportunity for new investors to participate in the continuing success of the Company."

Equest Balkan Properties shares fell 10.0p (8.37%) to 109.50p on the announcement

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Equest Balkan Properties Plc (AIM: EBP) a Balkan focused property investment company has adopted an amended dividend policy. The company has also agreed changes to management and performance fees with Equest Property Management Ltd.

On admission to AIM the Company announced an initial target dividend yield equivalent to 7.5% of money raised at the time of listing. The company also declared it intention to increase its target dividend to 10% of initial funds in due course. However, the company now does not foresee an increase to this level until 2010 or beyond.

Under the terms of the new Investment Management Agreement, Equest Property Management Ltd has agreed to management fees equivalent to 1.5% (previously1.8%) of gross property assets per annum. No performance fees have been paid thus far and the Investment Managers have agreed to more stringent performance fee terms

The company will also amend its investment focus to the broader Balkan region including countries that are not currently EU members, and will place a greater emphasis on developing retail, logistics and commercial projects.

The Board is also planning the appointment of additional directors.

Petri Karjalainen, Managing Partner of Equest Partners Ltd (Equest Balkan Properties' investment advisor) said:

"This is an exciting time for the Company, and we believe that its investment strategy together with the other changes announced today will firmly position EBP for the next phase in its growth, whilst also providing an opportunity for new investors to participate in the continuing success of the Company."

Equest Balkan Properties shares fell 10.0p (8.37%) to 109.50p on the announcement

Quick facts: Equest Balkan Properties

Price: - -

LSE:EBP
Market: LSE
Market Cap: -
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