Reduction in base fee arrangements

RNS Number : 2565Y

Polar Capital Technology Trust PLC

12 January 2022

 

Polar Capital Technology Trust plc (the "Company")

Legal Entity Identifier: 549300TN1O5392UC4K19

12 January 2022

Reduction in base fee arrangements with the Manager

The Board has now concluded its three-yearly review of the base management fee, in accordance with the terms of the Investment Management Agreement with Polar Capital LLP (the "Manager")

The Board has agreed with the Manager a new tiered base management fee which will become effective from 1 May 2022, the start of the next financial year.

Current fee arrangements

The current base management fee is structured over four tiers:

Tier 1:	1.00% on NAV up to £800m
Tier 2:	0.85% on NAV between £800m and £1.6bn
Tier 3:	0.80% on NAV between £1.6bn and £2.0bn
Tier 4:	0.70% on NAV above £2.0bn

New fee arrangements

The tiering of the base fee has been simplified and lower rates agreed.   The impact of this change is to reduce the blended ongoing management fee at current asset levels from 0.81% to 0.75%

The amended base management fee will be structured over three tiers:

Tier 1:	0.80% on NAV up to and including £2bn
Tier 2:	0.70% on NAV between £2bn and £3.5bn
Tier 3:	0.60% on NAV above £3.5bn

There are no changes to the performance fee arrangements which were last reduced for the financial year beginning 1 May 2019

For further information please contact:

Sarah Bates	Mark Bloomfield	Ed Gascoigne-Pees
Chair	Stifel - Corporate Broker	Camarco
Tel: [phone]	Tel: [phone]	Tel: [phone]

 

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