December 21, 2017 / 10:14 PM / a year ago

BRIEF-Drive Shack Inc Announces Agreement To Internalize Management

Dec 21 (Reuters) - Drive Shack Inc:

* DRIVE SHACK INC. ANNOUNCES AGREEMENT TO INTERNALIZE MANAGEMENT

* DRIVE SHACK INC - ENTERED INTO DEFINITIVE AGREEMENTS WITH ITS EXTERNAL MANAGER, FIG LLC TO INTERNALIZE COMPANY’S MANAGEMENT FUNCTION

* DRIVE SHACK INC - IN CONNECTION WITH TERMINATION OF EXISTING MANAGEMENT AGREEMENT, COMPANY WILL MAKE A ONE-TIME CASH PAYMENT OF $10.7 MILLION TO MANAGER

* DRIVE SHACK INC - INTERNALIZATION WILL BECOME EFFECTIVE ON JANUARY 1, 2018

* DRIVE SHACK INC - TRANSACTION WAS NEGOTIATED AND UNANIMOUSLY APPROVED BY A SPECIAL COMMITTEE Source text for Eikon: Further company coverage:

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