Hargreave Hale AIM 1 Related Party Transaction
December 14 2021 - 1:09PM
UK Regulatory
TIDMHHV
14 December 2021
HARGREAVE HALE AIM VCT PLC
(the "Company")
Related Party Transaction
Hargreave Hale AIM VCT plc (the "Company") announces that,
following a review of board remuneration and taking into account
peer group analysis and inflation, the Board has decided to
increase each Director's remuneration with effect from 1 January
2022. The annual remuneration of the Chairman will increase to
GBP37,000, the independent non-executive directors to GBP29,000 and
the non-independent non-executive director, Oliver Bedford, to
GBP26,500. An additional fee of GBP1,500 will continue to be paid
to the Chairman of the Management and Service Provider Engagement
Committee and the Chairman of the Audit Committee will continue to
receive an additional fee of GBP3,000.
The fee payable to Oliver Bedford is paid directly to Hargreave
Hale Limited, the Company's investment manager (the "Investment
Manager"). Under the Listing Rules of the FCA, a related party
includes the investment manager of a closed-ended investment fund
and any member of such investment manager's group. The Investment
Manager and the Company's administrator, Canaccord Genuity Wealth
Limited ("CGWL") are both wholly owned subsidiaries of Canaccord
Genuity Wealth Group Limited. Therefore both the Investment Manager
and CGWL are related parties of the Company.
The fee payable to the Investment Manager by the Company on
behalf of Oliver Bedford therefore constitutes a related party
transaction. Under the Listing Rules, the value of this transaction
must be aggregated with any other related party transactions
entered into between the Company and the Investment Manager's group
in the past 12 months. As announced on 2 September 2021, the
Company entered into a smaller related party transaction with CGWL
in the form of the offer agreement associated with the Company's
2021/22 offer for subscription.
Following aggregation of both the agreement to increase the fee
payable to the Investment Manager on behalf of Oliver Bedford and
the Company's entry into the offer agreement with CGWL in September
2021, the Board's agreement to increase Oliver Bedford's annual
fee, which will be paid directly to the Investment Manager, is a
smaller related party transaction as defined in LR11.1.10R.
END
For further information please contact:
Oliver Bedford, Canaccord Genuity Fund Management
Tel: 020 7523 4837
LEI: 213800LRYA19A69SIT31
(END) Dow Jones Newswires
December 14, 2021 13:09 ET (18:09 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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