Performance Fee

RNS Number : 4181E

Utilico Emerging Markets Limited

06 April 2011

 



For immediate release on 6 April 2011

Utilico Emerging Markets Limited

Performance Fee

Utilico Emerging Markets Limited ("UEM") has today settled the performance fee for the year ended 31 March 2011 payable to ICM Limited ("ICM"), UEM's investment manager, amounting to £6,414,855. Half the performance fee is payable in cash and half is payable in UEM ordinary shares. The share portion amounted to 1,831,559 UEM shares ("Performance Fee Shares"), calculated on UEM's cum income NAV as at 31 March 2011 of 175.12p.

On 5 April 2011 ICM purchased 1,831,559 UEM ordinary shares at a price of 160p per share, a discount to the last published cum income NAV per share of 176.36p. UEM will reimburse ICM to meet the consideration paid by ICM for these shares.

In addition, ICM has today transferred 305,000 Performance Fee Shares to Charles Jillings, executive Director of UEM, by reference to a share price 160p per share for services provided to ICM in respect of the management of UEM. Mr Jillings' resultant interest in UEM now amounts to 738,216 ordinary shares, representing 0.3% of the shares in issue.

ICM is interested in 1,526,559 UEM ordinary shares representing 0.7% of the ordinary shares in issue.

For further information please contact:

Alastair Moreton                                                          0207 601 6118

Hannah Pearce

Westhouse Securities Limited (Nomad and Broker)

Martin Cassels                                                              0131 718 1095

F&C Management Ltd

 

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