Amendment to Investment Adviser fee structure

RNS Number : 7395F

The MedicX Fund Limited

29 May 2013

 



For immediate release

29 May 2013

MedicX Fund Limited

("MedicX Fund", "the Fund" or "the Company")

Amendment to Investment Adviser fee structure

The Board of MedicX Fund Limited (the "Company") is pleased to announce that it has agreed to a proposal from MedicX Adviser Ltd (the "Investment Adviser") to further reduce its investment adviser base fee and property management fee structure.  The alteration to the fee structure is designed to further enhance the value to shareholders as the portfolio of the Company increases.

The Investment Adviser base fee payable under the agreement will be as follows:

Assets	Old fee structure	New fee structure
First £300 million	0.75%	0.75%*
Between £300 million and £500 million	0.65%	0.65%
Between £500 million and £750 million	0.50%	0.50%
Between £750 million and £1 billion In excess of £1 billion	0.40% 0.40%	0.40% 0.33%

*Subject to minimum of £2.25 million

The investment adviser fee will also only be charged on healthcare property rather than total gross assets (less cash) as at present.

The valuation of the Fund's healthcare properties at 31 March 2013, adjusted to include the valuation of the properties purchased on 24 May 2013 on acquisition of GPG No.5 Limited ("GPG"), is £434.7 million on the basis that all properties are completed.

Property management fees payable under the agreement will be amended, as follows:

Rents	Old fee structure	New fee structure
First £25 million	3.0%	3.0%
Above £25 million	3.0%	1.5%

The annualised rent roll of the portfolio, including the GPG properties, when all properties are fully completed will be £27.9 million.

The new fee structure will apply from 1 July 2013.

The Investment Adviser also provides accounting administration services for no additional fee.

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For further information please contact:

MedicX Group                                                                [phone]

Keith Maddin, Chairman

Mike Adams, Chief Executive Officer

Mark Osmond, Chief Financial Officer

MedicX Fund Limited                                                       [phone]

David Staples, Chairman

Buchanan                                                                      [phone]

Charles Ryland / Sophie McNulty

www.buchanan.uk.com 

Canaccord Genuity Limited                                              [phone]

Andrew Zychowski / Helen Goldsmith

Information on MedicX Fund Limited

MedicX Fund Limited ("MXF", "MedicX Fund", "the Fund" or "the Company", or together with its subsidiaries, the "Group") is the specialist primary care infrastructure investor in modern, purpose-built primary healthcare properties in the United Kingdom, listed on the London Stock Exchange, with a portfolio comprising 121 properties.

The Investment Adviser to the Company is MedicX Adviser Ltd, which is authorised and regulated by the Financial Conduct Authority and is a subsidiary of the MedicX Group.  The MedicX Group is a specialist investor, developer and manager of healthcare properties with 31 people operating across the UK.

The Company's website address is www.medicxfund.com.  Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

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