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Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 17.15 | 17.05 | 17.30 | 0.00 | 06:32:01 |
RNS Number:5590R Leggmason Investors AIM VCT PLC 31 October 2003 LeggMason Investors AIM VCT plc ("Company") The Company's investment manager, Legg Mason Investments (Europe) Limited ("LMI"), advised the Board of the Company that it has made the decision to focus on mutual fund distribution and therefore wished to resign as the Company's investment manager. The Board of the Company believes that the interests of the shareholders will be best served in the future by appointing an investment manager with an ongoing, specific interest in VCTs and particular expertise in managing AIM investments. After extensive research the Board invited submissions from a limited number of investment management groups. The Board is now pleased to announce the appointment of Close Investment Limited ("CIL") as the new investment manager of the Company with effect from 31 October 2003. CIL is the specialist subsidiary of Close Brothers Group plc (" Close Brothers") responsible for managing and advising a range of AIM portfolios. Close Brothers is a London-based merchant banking group which is listed on the Official List with a market capitalisation of approximately # 1.1 billion and funds under management of around # 4.7 billion. Close Brothers manages five VCTs for which it has raised a total of # 138 million. It is therefore a major participant in the VCT sector. The lead fund managers responsible for the Company will be: Andrew Buchanan who has approximately 30 years experience in investment management and analysis. Andrew has specialised in AIM portfolios since 1994 and has been at CIL and its predecessor company, prior to its purchase by Close Brothers, since 1993. and Kate Tidbury who joined CIL in November 2000, having previously managed funds for Colonial First State and Co-operative Bank, specialising in small capitalisation and ethical funds predominantly. Prior to that Kate was an investment analyst with Panmure Gordon. It is proposed that the name of the Company will be changed to Close Second AIM VCT plc. The change of name will require the consent of shareholders at an EGM and a circular will be sent to shareholders in due course. CIL will receive a fund management fee of 2% per annum of gross assets. There will be no further incentive fee linked to performance and the cap on administration and management fees not exceeding 3.5% of gross assets on an annual basis will be removed. This fee will cover both fund management and company secretarial functions. The management agreement is for an initial period of three years and is terminable at any time thereafter on six months notice. The Company has agreed to the early release of LMI from its management contract. However, the Board has negotiated a compensation payment from LMI totalling #85,000 in respect of this release. Announcement ends This information is provided by RNS The company news service from the London Stock Exchange END MSCEASEFDALDFFE
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