Aurora Investment Trust PLC Issue of Equity to Investment Manager

RNS Number : 4798M

Aurora Investment Trust PLC

29 April 2024

 

 

29 April 2024

 

LEI: 2138007OUWIZFMAGO575

Aurora Investment Trust plc

(the "Company")

 

Issue of Shares in connection with the payment of Investment Manager's Performance fee

 

The Company announces that it has today allotted 41,891 new ordinary shares of 25 pence each (the "New Ordinary Shares") to Phoenix Asset Management Partners Limited, the Company's Investment Manager.  

 

The Company previously issued 172,373 new ordinary shares to the Investment Manager on 17 January 2024, at an aggregate issue price of £448,721.39, representing 80% of the total performance fee due for the performance period ended 31 December 2023.  These were admitted to trading on 26 January 2024.

 

The Investment Management Agreement between the Company and the Investment Manager (the "IMA"), provides that the Company is to retain 20% of the value of the performance fee until the performance fee calculation has been reviewed by the Company's auditor as part of the audit of the Company's Annual Financial Results.  The Annual Financial Results having been published, this remaining 20% (£112,181.61) falls due and the allotted 41,891 new ordinary shares are issued in respect of this.

 

In accordance with the IMA, the Investment Manager's performance fee entitlement is settled by way of shares issued at a price equivalent to the Company's latest prevailing Net Asset Value per share at the time of issue, being the Net Asset Value per share as at 26 April 2024 (which was 267.79 pence).  

 

It is noted that, to the extent that any part of the performance fee is related to Phoenix SG Limited, that amount will be retained as an accrual on the Company's balance sheet in accordance with the claw-back mechanism under the IMA and this will be reviewed in due course by reference to the realised proceeds of sale, or the fully realisable value of Phoenix SG Limited, as compared to the original cost of acquisition.  No such accrual is required for the performance period ended 31 December 2023.

 

Applications will be made for the New Ordinary Shares to be admitted to the premium segment of the FCA's Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission").  It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8.00 a.m. on 9 May 2024.  The New Ordinary Shares will rank pari passu with the ordinary shares already in issue.

 

The New Ordinary Shares will be subject to a 36-month lock-in and clawback period from the date of issue.

 

Following this issue, the Company's issued share capital consists of 76,292,724 ordinary shares and the total number of shares with voting rights in the Company is 76,292,724.

 

The above figure 76,292,724 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.  

 

 

Contact:

Frostrow Capital LLP

Paul Griggs

Company Secretary to Aurora Investment Trust PLC

Tel: [phone]

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