Information  X 
Enter a valid email address

KKV Secured Loan Fd (KKVL)

  Print   

Thursday 25 February, 2021

KKV Secured Loan Fd

Change in Management Fee Arrangements

RNS Number : 2343Q
KKV Secured Loan Fund Limited
25 February 2021
 

25 February 2021

KKV Secured Loan Fund Limited

 

LEI: 2138007S3YRY3IUU4W39

 

Management Fee Arrangements

 

The Board of KKV Secured Loan Fund Limited (the "Company") is pleased to announce that it has agreed revised fee arrangements with KKV Investment Management Limited (the "Portfolio Manager") in respect of the ongoing management of the Ordinary Share portfolio following approval by the Ordinary Shareholders to place the Ordinary Share class into managed wind-down alongside the C Share class.

 

In the RNS released on 13 November 2020, the Company announced that, in addition to a clawback of management fees from date of the appointment of the Portfolio Manager to reflect the lower net asset value ("NAV") reported as at 30 June 2020, the Board also stated that, subject to the Ordinary Shareholders approving proposals to place the Ordinary Share class into managed wind-down, the parties to the Investment Management Agreement ("IMA") had agreed to use reasonable endeavours to agree a revised management fee scale for the Ordinary Shares.

 

The Board has now reached an agreement with the Portfolio Manager to amend the IMA to reduce the management fee payable on the Ordinary Shares from 1 per cent. of the Ordinary Share NAV per annum to:

· 0.96 per cent. of the Ordinary Share NAV for the period from 1 January 2021 to 31 December 2021;

· 0.92 per cent. of the Ordinary Share NAV for the period from 1 January 2022 to 31 December 2022; and

· 0.80 per cent. of the Ordinary Share NAV per annum for the period from 1 January 2023 onwards.

 

In addition, the Company has agreed to waive and release the Portfolio Manager of any obligation to use 5 per cent. of management fees received by it in relation to Ordinary Shares and C Shares to purchase Ordinary Shares and C Shares, respectively, in the market.

 

All other terms of the IMA between the Company and the Portfolio Manager remain unchanged.

 

For further information please contact:

 

KKV Secured Loan Fund Limited, Brett Miller via the Company Secretary

 

KKV Investment Management, Catherine Halford                 [email protected]

 

BNP Paribas Securities Services S.C.A., Guernsey Branch Company Secretary           01481 750 853

 

Winterflood Securities Limited, Neil Langford  020 3100 0000

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBSGDDRDDDGBS

a d v e r t i s e m e n t