Ventus 2 VCT PLC Related Party Transaction (4237G)
May 26 2017 - 10:04AM
UK Regulatory
TIDMVEN2
RNS Number : 4237G
Ventus 2 VCT PLC
26 May 2017
Ventus 2 VCT plc (the "Company") - Related Party Transaction
The Company has agreed with Temporis Capital Limited
("Temporis"), its investment manager, to vary the terms of its
investment management agreement ("IMA") under which Temporis
manages the Company's investments.
Temporis has agreed that, with effect from 1 November 2017,
which is the earliest practicable date that the terms of the
current IMA could be renegotiated, the annual management fee will
reduce from 2.5% to 2.25% of net asset value and will reduce
further to 2.125% from 1 November 2020 and to 2% from 1 November
2021 onwards.
In return, the Company has agreed to extend the term of the
agreement, such that the agreement is for an initial term of five
years but terminable by either side on 24 months' notice. Under the
Listing Rules, Temporis is considered to be a related party of the
Company and the proposed change to the IMA constitutes a 'smaller
related party' transaction. Howard Kennedy Corporate Services LLP,
the Company's sponsor, has confirmed that, as is required under the
Listing Rules, the change in the proposed investment management
agreement is fair and reasonable so far as shareholders of the
Company are concerned.
The Directors of the Company are satisfied that the continuing
appointment of Temporis, on the new terms, is appropriate and in
the interests of shareholders.
For and on behalf of the Board
Alan Moore
Chairman
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 26, 2017 10:04 ET (14:04 GMT)
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