Clawback and cancellation of shares

RNS Number : 1382M

Aurora Investment Trust PLC

09 January 2023

 

09 January 2023

Aurora Investment Trust plc (the "Company")

Clawback and cancellation of shares

The Company announces that in accordance with Investment Management Agreement in place between the Company and Phoenix Asset Management Partners Limited ("Phoenix" or the "Investment Manager"), Phoenix has transferred 530,311 shares to the Company and these have been cancelled.

Phoenix does not earn an ongoing annual management fee, but instead is paid an annual performance fee, equal to one third of the outperformance of the Company's NAV against its benchmark, FTSE All-Share Index (total return).  

The performance fee is paid by way of the issuance of ordinary shares, which are subject to a fixed three-year clawback period. If the outperformance versus the index reverses on the third-year anniversary, some or all the issued shares will be returned by the Investment Manager, and if outperformance fully reverses, the Investment Manager will receive nothing.

The Company awarded shares to the Investment Manager in settlement of a performance fee for the years ended 31 December 2019, 31 December 2020 and 31 December 2021. No performance fee has been earned for the year ended 31 December 2022.

The clawback period in relation to the performance fee for the year ended 31 December 2019 ended on 31 December 2022 and this resulted in an entitlement to claw back 530,311 shares from Phoenix. These shares have now been delivered to the Company and cancelled. This transaction has already been factored into the daily NAV calculation so no change to the published NAV arises from this cancellation. The cancellation will be filed with the Registrar of Companies shortly.

Following this cancellation, the Company's issued share capital now comprises 76,078,460 ordinary shares of 25p, each carrying one voting right. The Company does not hold any ordinary shares in Treasury.

Therefore, the total number of voting rights in Aurora Investment Trust plc is now 76,078,460. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information please contact:

Frostrow Capital LLP  020 3709 8733

Company Secretary

LEI Number: 2138007OUWIZFMAGO575

 

END

 

 

MSCSSAFLUEDSEIF