PGI Pgi Grp

    RNS Number : 6140B
  PGI Group PLC
  19 August 2008
   
    19 August 2008

    PGI Group PLC

    Exercise of option to acquire 20% equity interest in fund management vehicles relating to Jensen Russian Real Estate Fund II, L.P. 
    Following the announcement made by PGI Group PLC ("PGI" or the "Company") on 30 June 2008, the directors of PGI Group PLC announce that
it has been notified that a new fund, Jensen Russian Real Estate Fund II, L.P., a fund for investment in Russian real estate, (the "New
Fund") has effected its initial closing, with commitments from investors totalling US$61.7 million.  
    The Company has elected to exercise its option to subscribe for a 20 per cent. equity interest in each of the general partner, the
manager and the carried interest partner (each a "Fund Management Vehicle") of the New Fund at an aggregate exercise price of US$1. The Fund
Management Vehicle which acts as general partner of the New Fund has committed to make capital contributions to the New Fund equal to 1% of
the aggregate capital commitments of all its limited partners (including those who commit under subsequent closings by the Fund) up to a
maximum of $3.5 million and the Company has in turn undertaken to fund 20 per cent. of any sums payable by the general partner to meet this
commitment, so that the Company's funding commitment is for a maximum of $700k. 
    Mr Wayne, the former Chief Executive of PGI, who resigned on 24 July 2008 but remains the chief executive of the PGI group's Russian
property fund management operations, currently owns the other 80 per cent. of the equity in the Fund Management Vehicles and the Company has
entered into a shareholders' agreement with him regarding the operation of the Fund Management Vehicles. Under this agreement the Company's
equity interest in the Fund Management Vehicles is protected from dilution. 

    Enquiries:

 PGI                             020 7236 6135
 Geoff Moores, Finance Director

 Panmure Gordon                  020 7459 3600
 Andrew Potts



This information is provided by RNS
The company news service from the London Stock Exchange
 
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