I am not going to say it is good but I do not see it as being a real threat. Dicker has an expensive hobby which basically he can afford as a billionaire in his own right. The only link Rodin has with DDR is via an agreement which provides David Dicker as a consultant on an as needed basis and there is no sunset clause at this stage. This consultancy is provided at no cost and you should note that Dicker does not feature for salary, performance or incentives within the remuneration report. Dicker as you know is the holder of a large parcel of DDR shares. The worst possible harm would be if David sells a huge parcel of his shares in a very short time. This action has been limited by the recent agreement drawn between he and Fiona Brown his former wife who is an active director of DDR and would have IMO real reasons to resist such an action for the same reasons as you and I. For your interest I have attached the clause in the remuneration report relating to the link between DDR and Rodin.
" Consultancy Agreement for David Dicker The Company has engaged Rodin FZC (a Company incorporated in Dubai) to provide the services of David Dicker to act as the Chief Executive Officer and Executive Director of the Company on an as-needed basis. The Consultancy Agreement is dated 26 October 2010. The engagement is for an indefinite term. Either party may terminate the agreement on the provision of 6 months’ notice. No fee is payable by the Company to Rodin FZC for the provision of the services. The agreement contains a number of post-termination restraints. Deed of Adherence for David Dicker The Company and David Dicker have entered into a Deed of Adherence whereby Mr Dicker has agreed to adhere and comply with all covenants and obligations of Rodin FZC (a Company incorporated in Dubai) set out in the Consultancy Agreement (between the Company and Rodin FZC) to the maximum allowable extent permitted by law as if Mr Dicker was named as Rodin FZC therein. The Deed is dated 26 October 2010.
DDR Price at posting:
$8.08 Sentiment: Buy Disclosure: Held
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