Fund Management Agreement
12 November 2008 - 11:00AM
UK Regulatory
RNS Number : 9880H
Strathdon Investments PLC
12 November 2008
STRATHDON INVESTMENTS PLC
("Strathdon" or the "Company")
RE: FUND MANAGEMENT AGREEMENT WITH YFM VENTURE FINANCE LIMITED
As part of the ongoing commitment to review overall costs and following the recent further reduction in the size of the board, Strathdon
and its fund manager have agreed to amend the investment management agreement under which YFM Venture Finance Limited ("YFM") provides to
the Company management, administration and secretarial services.
The key terms of the original agreement were set out in Note 4 to the Accounts to 31st March 2008. The new terms in relation to the
ongoing costs from 1 January 2009 can be summarised as follows:
* the Management fee will be reduced from �225,000 per annum to the higher of 3% of the net asset value or �7,500 per annum per
investment, until such time as the portfolio is realised in full when such fee will cease; and
* the administration and secretarial fee is reduced to �35,000 per annum until completion of the audit for the year ended 31 March
2009. Thereafter the fee is reduced to �20,000 per annum.
Based on the last reported net asset value this it is anticipated that these changes will reduce costs by �105,900 per annum.
As referred to in the update given at the Annual General Meeting of the Company on 24th October 2008 the board continues to seek ways to
both maximize the and accelerate the disposal its investments. In this event the manager is incentivised through an additional payment which
from 1 January 2009 can be no greater than �122,055 if the portfolio is realised in full.
Simon Hunt, Chairman of Strathdon Investments PLC, commented: "I am delighted that the board and YFM have been able to reach this
agreement which further reduces the costs base of the Company."
ENDS
For further information: www.strathdon.com
Contacts:
Simon Hunt, Strathdon Investment Plc Tel: 0207 395 1500
Nicola Marrin, Seymour Pierce Limited Tel: 0207 107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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