Trinity Capital PLC Amendments to Investment Management Arrangements (6866C)
April 19 2013 - 2:00AM
UK Regulatory
TIDMTRC
RNS Number : 6866C
Trinity Capital PLC
19 April 2013
TRINITY CAPITAL PLC
(the "Company")
Amendments to investment management arrangements
Pursuant to the announcement made on 17 September 2012, the
Company is pleased to confirm that it and Trinity Capital Mauritius
Limited, a wholly owned subsidiary of the Company, have entered
into an amendment agreement (the "Amendment Agreement") with
Indiareit Investment Management Company ("Indiareit") which amends
the terms of the original investment agreement entered into between
these parties on 18 June 2010 (the "Management Agreement").
The terms of the Management Agreement have been amended to
reduce the fixed costs of managing the portfolio and further
incentivise an acceleration in the pace of realisation of
investments. Under the terms of the Amendment Agreement the
principal changes to the Management Agreement (which are expressed
to be effective from 1 February 2013) are:
-- the Management Agreement automatically terminates no later
than 31 December 2013. Under the arrangements previously in force
the appointment of Indiareit could be terminated on six months'
notice given by TCML or Indiareit, subject, under certain
circumstances, to a termination payment in lieu of performance fees
in relation to unsold investments;
-- the management fees payable to Indiareit will be US$198,000
per annum. Under the arrangements previously in force Indiareit
received annual management fees of US$1.69 million;
-- the performance fees payable to Indiareit have been changed
such that the performance fee payable on the Company's investments
in (a) MK Malls and Uppals IT have been increased to 10 per cent.
of net realisation proceeds; and (b) the other investments remain
at 7.5 per cent. of net realisation proceeds but reduce on a
sliding scale over time. Under the arrangements previously in force
Indiareit were entitled to receive (subject to certain escrow
arrangements which no longer apply) 7.5 per cent. of net
realisation proceeds on the sale of investments;
-- funds currently held in escrow amounting to US$1.86 million
in relation to realisations to date will only be paid to Indiareit
in the event that all the Company's current investments are
realised by the end of 2013;
-- the named "key man" at Indiareit will be Arvind Pahwa.
In all other respects the terms of the Management Agreement
remains in full force and effect.
Enquiries:
IOMA Fund and Investment Management Limited
Graham Smith, Director +44 1624 681250
Arden Partners plc
Nominated Adviser and Broker
Chris Hardie +44 207 614 5900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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