Change to management fee

RNS Number : 6079U

Impax Environmental Markets PLC

25 October 2017

 

Impax Environmental Markets plc

LEI: 213800RAR6ZDJLZDND86

Change to management fee

The Board of Impax Environmental Markets plc (the "Company" or "IEM") announces a change to the management fee payable by the Company to its Investment Manager, Impax Asset Management (AIFM) Limited. 

The Board and the Investment Manager have agreed that, with effect from 1 October 2017, the monthly management fee will be calculated as follows:

-     in respect of the first £475 million of the Company's net assets, one twelfth of 0.9 per cent. of such net assets; and

-     in respect of the Company's net assets exceeding £475 million, one twelfth of 0.65 per cent. of such net assets.

For these purposes, the net assets will be calculated as at close of business on the last business day of each calendar month.

John Scott, Chairman of Impax Environmental Markets plc, commented:

"We are pleased to announce an amended and simplified scale of management fees for IEM.  At our current size this offers a modest reduction in the fees paid to Impax Asset Management ("IAM") and as our assets grow we expect to see a material reduction in our operating cost ratio, reflecting the new fee rate of 0.65% on net assets in excess of £475 million.

"Impax Asset Management have been IEM's investment manager since the inception of the trust in 2002. The Board of IEM regards IAM as the market leaders in their field and they have delivered excellent investment performance for IEM when measured on a 1, 3 and 5 year basis.  For this reason, we are happy to have agreed a new fee scale which we see as being advantageous to our shareholders, while recognising the complexities of investing in the specialised and rapidly evolving field that our mandate demands."

Enquiries:

Anthony Lee	020 7653 9690
PraxisIFM Fund Services (UK) Limited

Company Secretary

 

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