Amendment to Investment Management Agreement

RNS Number : 9363B

Investors Capital Trust PLC

10 March 2014

 



To:                   RNS

From:              Investors Capital Trust plc

Date:               10 March 2014

AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT

The Directors of Investors Capital Trust plc (the "Company") are pleased to announce that they have agreed terms with F&C Investment Business Limited (the "Manager") for a reduction in the base management fee payable to the Manager under the investment management agreement and the removal of the performance fee.  

The current base management fee payable by the Company to the Manager is 0.9 per cent. per annum of the net asset value of the Company, subject to being reduced to 0.75 per cent. if the net asset value per share at the end of the financial year is less than £1 per share.  Under the new arrangements, with effect from 1 April 2014 the Company will pay to the Manager a base management fee of 0.75 per cent. per annum on the net asset value of the Company.

It has also been agreed that the current period for the performance fee, currently calculated over a five year period, will terminate on 31 March 2014.  On this basis, the Company's performance fee will be measured for the period from 1 April 2012 to 31 March 2014 and any amount due under such calculation shall be payable by the Company within 14 days of the posting of the audited annual accounts of the Company for the year ending 31 March 2014.  The performance fee will then cease to apply going forward. 

All enquiries:

Rodger McNair, F&C Investment Business Limited

Tel: [phone]

Donald Cameron, F&C Investment Business Limited
Tel: [phone]

 

END

 

 

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