An AIM-listed Bulgarian property fund said today that it planned to internalise its management contract in order to improve performance.
The move is part of a trend for AIM-listed property companies, often managed by external management companies, to internalise their management structures to make sure the interests of shareholders and management are aligned.
The first company to do so was Deutsche Land earlier this year, closely followed by logistics specialist Raven Russia.
Shareholders in the Black Sea Property Fund will be required to vote on the change in structure before it can be implemented.
The company announced the change when revealing interim results this morning. Net asset value increased from 17.6p a share to 18.6p a share, primarily as a result of currency movements.