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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acuity Grwth | LSE:AQT2 | London | Ordinary Share | GB00B031G676 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAQT2 Acuity Growth VCT plc (the "Company") Update On 13 December 2010, it was announced that the Board of Directors of the Company (the "Board") had been interviewing other investment managers with a view to appointing a new investment manager. Further to this announcement, the Board is pleased to announce that, with effect from 24 February 2011, Foresight Group CI Limited ("Foresight") has been appointed as the investment manager in place of Acuity Capital Management Limited ("Acuity"). In addition Foresight Fund Managers Limited has been appointed as the company secretary in place of Acuity. Bernard Fairman, Chairman of Foresight Group, commented: "We are delighted that, following a competitive process involving several venture capital trust managers, the Board of Acuity Growth VCT plc has awarded Foresight Group the mandate to provide ongoing investment management services to the Company, its seventh in recent years. We look forward to working closely with the Board and the underlying portfolio companies with a view to delivering enhanced shareholder value. As a result of this transaction, Foresight Group will become the third largest manager of VCT funds with almost GBP250 million under management". The terms of the investment management agreement with Foresight (the "New Management Agreement") are substantially similar to the Company's previous arrangements with Acuity (the "Previous Management Agreement"). Foresight has agreed to waive its management and administration fees for a period of 18 months, and thereafter will receive an annual management fee of 2.5 % of the net asset value of the Company payable quarterly based on the last announced net asset value of the Company. Additionally it will receive an administration fee of GBP71,000 per annum, which will rise in line with RPI. The New Management Agreement has an initial term of at least 30 months and can be terminated thereafter by either party on not less than 12 months' notice. It is intended that the Board will discuss incentive fees with Foresight in due course and any proposals would be put to shareholders for approval. Under the Previous Management Agreement, the Board was required to give in excess of two years notice to Acuity to terminate the agreement. The Board entered into a termination agreement with Acuity on 24 February 2011 (the "Termination Agreement") pursuant to which the Company has agreed to pay Acuity GBP1,187,855 in phased payments and GBP25,000 per quarter for six quarters for its work to ensure a smooth handover to Foresight Group and has agreed to redeem the GBP21,465 of outstanding loan notes issued to Acuity's employees. The aggregate amount payable is approximately equal to the management and administration fees that would have been payable over an 18 month period, but calculated with reference only to the 30 September 2010 audited net asset value of the Company. Acuity and the Company have agreed that the Termination Agreement is in settlement of all claims against each other. The Company has also agreed to keep Acuity and its directors, employees and agents (together "Indemnified Persons") fully indemnified against all or any actions, proceedings, claims, demands and liabilities whatsoever arising directly or indirectly out of or in connection with the performance of Acuity's duties under the Previous Management Agreement (subject to certain exceptions) and in respect of the Company's failure to comply with the terms of that agreement, the Termination Agreement and a separate termination agreement with Nicholas Ross. Pursuant to the agreement, the Company has agreed to cease using Acuity in its name on or before 24 August 2011. The Board also announces that Nicholas Ross resigned as a director of the Company on 24 February 2011 with immediate effect. In conjunction with the Termination Agreement, the Company has entered into a separate termination agreement with Mr Ross waiving any claims it may have against him. Commenting upon the proposed change of Manager, Rupert Pennant Rea, Chairman of Acuity Growth VCT, said, 'Following an intensive selection process, the Independent Directors reached the unanimous conclusion that shareholders' interests would be best served by appointing Foresight Group to manage Acuity Growth VCT. I would like to thank Acuity Capital Management for their work and facilitating an orderly transition of the portfolio to ensure that shareholders interests are best protected. 24 February 2011 Any enquiries should be directed to: Foresight Group Bernard Fairman 07797 720300 Gary Fraser 01732 471 800; 07795 323 991 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Acuity Growth VCT plc via Thomson Reuters ONE [HUG#1492257]
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