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.
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