27th January 2009
Manager buys 5 million shares
DEVELICA DEUTSCHLAND LIMITED:
(“Develica” or “the Company”)
Develica, the German property investment company, today announces that, following the agreement with the Manager, Develica Deutschland Management Limited, (“DDML”) to restructure the annual management fee as announced on 30 December 2008, DDML has acquired a total of 5 million ordinary shares in the Company at a price of 8 cents per share each, representing a total investment of €400,000.
The Company has also completed the transfer of 24.375 million ordinary shares from treasury to DDML at a price of 10 cents per share.
The above purchase and transfer of ordinary shares in the Company, accounting for a total of 29.375 million ordinary shares, are subject to a two year lock-in which expires on 15 January 2011.
DDML now owns approximately 11.75% of Develica’s issued share capital.
Contact:
Derek Butler, Chairman, Develica Deutschland Ltd
Tel: 020 7016 1860
Baron Phillips, Baron Phillips Associates.
Tel: 020 7920 3161 or 07767 444193
Philip Secrett, Grant Thornton UK LLP
Tel: 020 7728 2578