Pembroke VCT PLC Amendment to Investment Management Agreement (3815U)
April 01 2021 - 11:04AM
UK Regulatory
TIDMPEMB
RNS Number : 3815U
Pembroke VCT PLC
01 April 2021
Pembroke VCT plc (the "Company")
1 April 2021
Amendment to Investment Management Agreement
The Company and Pembroke Investment Managers LLP (the
"Manager"), the Company's investment manager, have today entered
into an agreement amending and restating (the "IMA Variation") the
Company's investment management agreement (the "IMA").
The IMA Variation relates to the indemnity that is given under
the IMA by the Manager to the Company in respect of the Company's
annual running costs (the "Costs Cap"). Prior to the IMA Variation
the annual running costs that were the subject of the Costs Cap
were referenced to a fixed monetary amount. In view of the increase
in the size of the Company since those previous arrangements were
implemented, as a result of the IMA Variation the Costs Cap is now
referenced to the net asset value of the Company ("NAV"), with the
Manager now agreeing to indemnify and keep indemnified the Company
by such amount as is equal to the excess by which the annual
running costs of the Company exceed 0.5% of NAV, calculated on an
annual basis.
As the Manager is a related party of the Company under the
Listing Rules, by virtue of it being the Company's investment
manager, the IMA Variation constitutes a transaction to which
Listing Rule 11.1.10R applies.
For further information, please contact:
Andrew Wolfson / Chris Lewis
Pembroke Investment Managers LLP (Manager)
+44 20 7766 6900
Doreen Nic
The City Partnership (UK) Limited (Company Secretary)
enquiries@city.uk.com
Keith Lassman
Howard Kennedy Corporate Services LLP
+44 20 3755 5561
Media enquiries (Press Office)
Zoe Powell
Share Communications
team@sharecomms.co.uk
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END
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