Hair shirts all round for Liberty executives

Posted On Thursday, 30 April 2009 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

The slowdown in the property market, especially in the UK, saw the executive directors of Liberty International declining salary increases and bonuses for last year.

Patrick BurgessIn its annual financial report released yesterday the group said the executive directors had declined any bonus other than in two cases where the company had already committed itself to paying as part of joining arrangements. Also, except for one contractual entitlement, no salary increases had been requested by or granted to executive directors.

“To ensure the company benefits from appropriately motivated executives, we intend to grant some options to executive directors and other senior staff in due course. Such options will not be exercisable unless suitable performance conditions are met, and then only after at least three years,” the company said.

“Perception, and its travelling companion momentum, are always the drivers of sentiment, but these things turn. We believe we have been taking and will continue to take important steps to position the company to benefit from a recovery in economic and market conditions,” company chairman Patrick Burgess said.

He said that since the end of February, the company had made significant progress on a number of fronts. After placing 200-million new ordinary shares at the issue price of 310p per new ordinary share, the company raised gross proceeds of £620m.

The issue price of 310p represents a 21,9% discount to the market price at the time of agreeing the issue price and a 37,1% discount to pro forma adjusted, diluted net asset value per share.

 

Last modified on Tuesday, 29 April 2014 17:09

Most Popular

Investec Property Fund launches first REIT sustainability-linked ESG bond in Africa

Apr 22, 2021
Darryl_Mayers_CEO
Investec Property Fund (‘IPF’ or ‘the Fund’) today became the first South African real…

Rethinking office space in post pandemic SA

Apr 20, 2021
90_Rivonia_results
Since the beginning of the pandemic, one of the biggest questions in real estate has been…

EPP’s new app takes tenant relations to the next level

Apr 22, 2021
Tomasz_Trzósło
Johannesburg Stock Exchange listed EPP, Poland’s biggest retail landlord, continues to…

4 simple rules to getting a good credit score

Apr 21, 2021
Carl_Coetzee_BetterBond_CEO
Make buying your dream home an informed purchase by knowing your credit score.

Western Cape ripe with affordable housing potential

Apr 20, 2021
Tuhf_Hi_res24
The TUHF Western Cape regional team believes that even though COVID has had an impact on…

Please publish modules in offcanvas position.