As described on page 238 of the prospectus issued by the Company on 6 July 2010, on 21 June 2010 Tim Steiner entered into seven contracts for the transfer of 14,000,000 Shares in aggregate held in his name to his father, Nicolas Steiner, in consideration of £100 and 97 per cent. of the market value of the Shares on completion (which amount may be paid over three years). As previously reported, on both 17 May 2013 and 13 May 2016, the parties agreed to delay the date of completion and as a result, the completion was due on 30 June 2019 or such other date as the parties may agree. By agreement dated 2 June 2019, Tim Steiner and Nicolas Steiner have agreed to extend the completion date as follows: The first sale agreement is extended to 30 June 2020. The second sale agreement is extended to 30 June 2021. Each of the remaining five sale agreements is extended to 30 June 2022. All other terms of the Forward Sale Agreements remain unaltered. There is no additional consideration payable in respect of the agreements to delay completion. Tim Steiner retains a beneficial interest in the transferring Shares until completion. |