News blog
Agua Terra Ltd
- BY: Andrew Hore |
- POSTED: 03/10/2008 |
- COMMENTS: Add yours
BVI-registered property development start-up Agua Terra Ltd has joined Aim.
The company intends to be a developer and operator of mixed-use leisure property projects in Greece and Cyprus.
Agua Terra joined Aim on 3 October 2008 at an introduction price of €2 a share, which is the price that around €9m was raised prior to the introduction. That valued the company at €9.06m. The expenses of the flotation were €306,000. The shares closed the first day’s trading at €2.05.
Initial due diligence has been performed on a project in Mykonos, where up to 20 luxury serviced residences will be developed. This will require a minimum investment commitment of €8.3m.
The company was founded in July 2008 by Markos Kashiouris, Peter Economides and Yiannis Panayi. They have a number of hotel, property and financial services businesses in he Greece region. They own 54.3% of Agua Terra between them.
Markos Kashiouris is chief executive. He receives an annual salary of €300,000, which will increase to €600,000 when Agua Terra is capitalised at €50m or €50m more is raised by the company. Another €300,000 will be added when the company’s market capitalisation reaches €100m and the annual salary will reach €1m when the company is valued at more than €150m.
He will also receive up to 5% of EBITDA as an annual cash bonus plus additional share bonuses dependent on market value. Kashiouris will also receive an additional €500,000 worth of shares when the company’s market value passes €20m. These are in lieu of expenses.
All of the market capitalisation targets have to be maintained for 25 trading days before any payout is made.
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- 2.4mNumber of messages posted on SocialGo networks
- $38mCost savings generated by ideas from WalMart staff over a two month period
- 19.4m
Number of people passing through Johannesburg Airport in 2007
- News Blog
- All micro news
Synchronica
Mobile messaging technology provider Synchronica, which is the subject of a contested, all-share bid from rival Myriad AG, has signed a letter of intent with TSX Venture Exchange-quoted Intertainment Media.
DCD Media
AIM-quoted Timeweave has bought convertible loan notes in DCD Media that can convert into a 29.9% stake in the TV programmes producer.
James Cropper
Paper and speciality fibres manufacturer James Cropper is investing $3m in a new manufacturing facility in New York State.
TEG Group
Peter Gyllenhammar has taken his stake in TEG Group to 3.2% following the purchase of 500,000 shares.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|