Doc re. Amendment to Fee Arrangements

RNS Number : 5415G

Lowland Investment Co PLC

30 May 2017

 

HENDERSON INVESTMENT FUNDS LIMITED

LOWLAND INVESTMENT COMPANY PLC

Legal Entity Identifier: 2138008RHG5363FEHV19

30 May 2017

LOWLAND INVESTMENT COMPANY PLC

Amendments to Fee Arrangements

The Board of Lowland Investment Company plc (the "Company") is pleased to announce the following amendments to the fee arrangements with the Company's Alternative Investment Fund Manager, Henderson Investment Funds Limited ("Henderson").

The current agreement, whereby the management fee is charged at 0.5% per annum of Net Chargeable Assets will continue to apply to the first £375m of Net Chargeable Assets. With effect from 1 July 2017, a reduced management fee of 0.4% per annum on Net Chargeable Assets above £375m will apply.

The cap on total fees, base management fee plus performance fee, of 0.75% per annum will be replaced by a cap on the performance fee at its existing level of 0.25% per annum of average Net Chargeable Assets in any one year. The maximum of fees payable will therefore be 0.75% per annum on the first £375m of Net Chargeable Assets and 0.65% per annum in excess thereof.

The amendments have also clarified that Net Chargeable Assets for the purpose of the fee arrangements should reflect the unsecured loan note at fair value.

For reference, the Company defines Net Chargeable Assets as total assets less current liabilities and without any limitation any borrowings for investment purposes but excluding the value of any investment in funds managed by Henderson and any investment in Henderson Group plc.

Net Chargeable Assets amounted to £423 million at 30 April 2017.

For further information please contact:

Hannah Blackmore For and on behalf of Henderson Secretarial Services Limited Secretary to Lowland Investment Company plc Tel: [phone]

James de Sausmarez Director and Head of Investment Trusts Janus Henderson Investors Tel: [phone]

 

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DOCSDSSUSFWSELI