Appointment of AIFM & Depositary

RNS Number : 9212M

Intl. Biotechnology Trust PLC

21 July 2014

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC (the "Company")

Notice of Entry into Arrangements with Service Providers to Ensure Compliance with the Alternative Investment Fund Managers Directive ("AIFMD")

The Company announces that it has entered into arrangements necessary to ensure compliance with the AIFMD.  The Company's Board of Directors ("the Board") approved the appointment of SV Life Sciences Managers LLP as the Company's Alternative Investment Fund Manager ("AIFM") with effect from 21 July 2014, following the authorisation of SV Life Services Managers LLP as an AIFM by the UK's Financial Conduct Authority on 16 July 2014.  The appointment is on the terms and subject to the conditions of an amended and restated investment management agreement with SV Life Sciences Managers LLP, the existing Investment Manager of the Company. The appointment is on the same commercial terms as the previous agreement but is also compliant with the new AIFMD regulatory regime. The arrangements in respect of the investment management and performance fee are unchanged.

The AIFMD requires the Company to appoint a depositary (the "Depositary") and the Board has appointed HSBC Bank plc, the Company's existing Custodian, to act as the Company's Depositary. This appointment will take effect on 21 July 2014 on the terms and subject to the conditions of a depositary services agreement between the Depositary, the Company and SV Life Sciences Managers LLP. 

BNP Paribas Secretarial Services Limited will continue to act as company secretary to the Company.

For further information, please contact:

Nick Coleman

SV Life Sciences Managers LLP

Tel: [phone]

21 JULY 2014

 

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