OSP Osprey Smlr

    RNS Number : 1348X
  Osprey Smaller Cos Income Fund Ltd
  19 June 2008
   

    Osprey Smaller Companies Income Fund Limited (the "Company")
    Change of Investment Adviser and Tender Offer

    Following the acquisition of a 29.9% shareholding in the Company by Manchester & Metropolitan Investment Limited ("M&M") the Board was
approached by Midas Investment Management Limited, a company related to M&M, with a proposal for them to be appointed as investment adviser
to the Company. The Board considered their proposal together with one submitted by Unicorn Asset Management and then through its advisers
consulted widely with the Company's shareholders. The Board has concluded that it will appoint Midas as investment adviser in replacement to
Unicorn. Midas will receive an annual fee equivalent to 0.25 per cent of net asset value of the Company with effect from 1 January 2009.
Midas' contract will be terminable on one year's notice.

    Elysium have agreed to terminate their management agreement with the Company and have entered into an administration agreement under
which they will provide administration and secretarial services for a fee of �140,000 per annum. Elysium's contract will be terminable on
one year's notice.

    The Board has agreed with Unicorn that their investment advisory agreement will be terminated with effect from 18 June 2008. The Board
has agreed to pay Unicorn the sum of �150,000 together with all fees that have been accrued and are unpaid in full and final settlement of
all claims Unicorn may have.

    The Board also recognise that some shareholders would like the opportunity to realise their investment in the Company. Accordingly, the
Board is proposing that the Company should undertake a tender offer for up to 20 per cent of its shares in issue to those shareholders on
the register on 19 June 2008. Details of the pricing and the timing of the tender offer will be announced in due course.

    Enquiries

    Paul Richards
    Fairfax I.S. PLC                                                                                                           020 7598
5368

    Elysium Fund Management Limited
    No 1 Le Truchot
    St Peter Port
    Guernsey 
    GY1 3JX
    www.elysiumfundman.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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