Restructuring of Management Arrangements

RNS Number : 4169D

Infrastructure India plc

16 May 2012

 



Date:	16 May 2012
On behalf of:	Infrastructure India plc ("IIP" or the "Company" or, together with its subsidiaries,  the "Group")
For immediate release

Infrastructure India plc

Restructuring of Management Arrangements

Infrastructure India plc, the investment company focused on India's Transport and Energy sectors, announces that it has agreed revised management arrangements with Guggenheim Franklin Park Management, LLC (the "Asset Manager" or "GFPM") and Akur Partners LLP ("Akur"), with immediate effect.

Under the terms of the new arrangements, GFPM will be the exclusive provider of asset management and related services contracted to the Group, with an annual management fee of 2 per cent. of the value of the Group's assets from time to time which equates to the aggregate fees payable under the terms of the Management Services Agreement and the Valuation and Portfolio Services Agreement (both entered into in March 2011) for the current financial year and a reduction in the overall fees payable by the Group thereafter.  All other material terms of the Management Services Agreement remain the same.  Other service providers may be sub-contracted to the Asset Manager as needed and, pursuant to this, the Valuation and Portfolio Services Agreement between Akur and the Group has been acquired by the Asset Manager.

Sonny Lulla, IIP's Chief Executive, said, "The revised Management Services Agreement provides shareholders with a simpler and lower cost management arrangement going forward."

Enquiries:

Infrastructure India plc	www.iiplc.com
Sonny Lulla	Via Merlin
Merlin	[phone]
Paul Downes / Toby Bates / Del Jones
Smith & Williamson Corporate Finance Limited	[phone]
Nominated Adviser & Joint Broker
Azhic Basirov / Siobhan Sergeant
Westhouse Securities Limited	[phone]
Joint Broker
Alastair Moreton / Hannah Young
Macquarie Capital (Europe) Ltd	[phone]
Joint Broker
Steve Baldwin / Daniele Iacopetti

 

END

 

 

MSCAAMFTMBABBFT