Fourways Mall managers get option to buy up to 15% after steering turnaround
The managers will be (and have been) paid three monthly fees: A property management fee (1% of gross monthly collections plus Vat); An asset management fee (1.
Call option Accelerate and the business rescue practitioners (Piers Marsden and Lance Schapiro) say that because of these results, they “agree on the importance of regularising the appointment of the asset and property manager and retaining their services in order to unlock the full potential of the mall and its redevelopment potential and to harness additional value for shareholders”.
The call option provides for the managers to participate in the upside going forward, and they are also protected with the introduction of a so-called “upside participation fee” that comes into play if their services are terminated before their five-year contract is up.
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