KKV Secured Loan Fund Limited Change in Management Fee Arrangements (2343Q)
February 25 2021 - 2:00AM
UK Regulatory
TIDMKKVL
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 Investor.communications@kkvim.com
BNP Paribas Securities Services S.C.A., Guernsey Branch Company Secretary 01481 750 853
Winterflood Securities Limited, Neil Langford 020 3100 0000
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