Issue of Equity

RNS Number : 3073C

Aurora Investment Trust PLC

17 June 2021

 

LEI: 2138007OUWIZFMAGO575

Aurora Investment Trust plc

(the "Company")

Issue of Shares in connection with the payment of Investment Manager's Performance fee

The Company announces that it has today issued 229,802 new ordinary shares of 25 pence each (the "New Ordinary Shares") to Phoenix Asset Management Partners Limited, the Company's Investment Manager, in relation to the remaining 20% of the performance fee which has become due in respect of the year to 31 December 2020.

The New Ordinary Shares are being issued at the latest prevailing Net Asset Value as at 16 June 2021 of 230.07 pence per New Ordinary Share.

The Investment Management Agreement ("IMA") between the Company and the Investment Manager provides that the Company is to retain 20% of the value of the performance fee until the performance fee calculation has been reviewed by the Company's auditor as part of the audit of the Company's Annual Financial Results. Once the Annual Financial Results have been published, the remaining ordinary shares that the Investment Manager is entitled to in relation to the performance fee are issued at an issue price based on the Company's latest prevailing Net Asset Value. The New Ordinary Shares represent the balance of the performance fee due to the Investment Manager, amounting to £531,705.79.

The Company previously issued 1,061,130 new ordinary shares to the Investment Manager on 1 February 2021 at an aggregate issue price of £2,126,822.15, representing 80% of the total performance fee due, and were admitted to trading on 4 February 2021.

An accrual of £3,000 has been retained in the Company's balance sheet in respect of that part of the performance fee related to Phoenix SG in accordance with the claw-back mechanism under the IMA and this will be reviewed by reference to the realised proceeds of sale, or the fully realisable value of Phoenix SG as compared to the original cost of acquisition.

The New Ordinary Shares have been issued pursuant to the IMA, details of which were disclosed in the Company's Prospectus dated 3 July 2019 and, in the Company's Annual Report for the year to 31 December 2020.

Applications will be made for the New Ordinary Shares to be admitted to the premium segment of the FCA's Official List, and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8am on 23 June 2021. The New Ordinary Shares will rank pari passu with the ordinary shares already in issue.

The New Ordinary Shares will be subject to a 36-month lock-in following the date of issue. The performance fee will also be subject to a fixed three-year clawback period.

Following this issue, the Company's issued share capital consists of 76,519,675 ordinary shares and the total number of shares with voting rights in the Company is 76,519,675.

The above figure 76,519,675 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. For the purposes of the FCA's Disclosure Guidance and Transparency Rules the Company's Home Member State is the United Kingdom.

For further details contact:

PraxisIFM Fund Services (UK) Limited

Company Secretary and Administrator

Jenny Thompson and Sugees Mahen

Tel: [phone]

Liberum

Corporate Broker

Chris Clarke, Louis Davies

Tel: [phone]

17 June 2021

 

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