The management of the Green Property-linked real estate investment trust (REIT) that is listing on the Irish Stock Exchange this week will not be able to sell their 3.2 per cent stake in the company for three years, according to its prospectus.
The Republic's first such trust, Green REIT, is due to float on the Irish market on Thursday. Management comprising Stephen Vernon, Pat Gunne, Mark Munro, Paul Culhane and Jim McKenna, are subscribing for 10 million shares in the company – 3.2 per cent of its issued share capital – at a cost of €1 per share.
The shares will be held through a vehicle called GP Holdings.
According to the prospectus that company cannot sell any stock in the company until three years after their admission to trading on the stock exchange this week.
The documents shows that chairman, Gary Kennedy, will initially be paid €100,000 a year in fees. Other directors , Jerome Kenney and Thom Wernink, will be paid €50,000 as directors.
Mr Kennedy will receive an extra €20,000 as chairman of the audit committee.
Mr Vernon, who is head of Green Property REIT Ventures, will not be paid.
