Change of Designated Manager

RNS Number : 2656R

Greenwich Loan Income Fund Ltd

18 August 2010

 



Greenwich Loan Income Fund Limited ("GLIF" or the "Group")

Change of Designated Manager and Administrator

18 August 2010

The Directors wish to announce that they have today received regulatory approval from the Guernsey Financial Services Commission to the appointment of Praxis Fund Services Limited as Designated Manager and Administrator of the Company with immediate effect.

The former Administrator, Secretary and Designated Manager, Butterfield Fulcrum Group (Guernsey) Limited, was entitled to an annual fee for its services, as administrator and secretary, of 0.075% of the Net Asset Value of the Group, calculated on the last business day of each quarter and payable quarterly in arrears. The fee was subject to a minimum of GBP40,000 per annum. They were also due a fixed accounting fee of GBP10,000 per annum plus a fixed fee of GBP5,000 for their registrar services.

The new Administrator, Secretary and Designated Manager, Praxis Fund Services Limited, will be entitled to an annual fee for its services of 0.1% of the Net Asset Value of the Group, payable quarterly in arrears. The fee is subject to a minimum of GBP55,000 per annum. In addition, the new Administrator will be entitled to receive a time based fee for all company secretarial services.

End

Contacts:

Geoffrey Miller
Greenwich Loan Income Fund Limited
[phone]

Patrick Conroy
Greenwich Loan Income Fund Limited
[phone]

Philip Secrett
Nominated Adviser
Grant Thornton Corporate Finance
[phone]

James Maxwell
Singer Capital Markets Limited
[phone]

Ed Gascoigne Pees
Financial Dynamics
[phone]

 

END

 

 

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