St Peter Port Capital Limited St Peter Port Capital Limited : Cost Reductions And Amendment To Investment Management Agreement

 
TIDMSPPC 
 
 
   10 August 2017 
 
   St Peter Port Capital Limited 
 
   (the "Company") 
 
   Cost Reductions and Amendment to Investment Management Agreement 
 
   The Company announces that, as part of its cost reduction exercise, it 
has amended the terms of its investment management agreement with St 
Peter Port Investment Management Limited. 
 
   In the circular to Shareholders published on 24 May 2017 the Board 
stated that it was committed to undertaking an exercise of seeking to 
reduce expenditure. This was with the aim of achieving significant 
savings in the extra expenditure involved in the delayed winding up of 
the Company which was approved by Shareholders on 21 June 2017. 
 
   The Board is pleased to report that, on 9 August 2017, it agreed a fee 
reduction by St Peter Port Investment Management Limited, the Company's 
investment manager, from 2 per cent to 1.5 per cent of net assets per 
annum.  The reduction will take effect from 21 June 2017 being the date 
of the Company's AGM and subsequent EGM when shareholders voted in 
favour of the resolution to continue the life of the Company for at 
least one more year. In addition, the Board has achieved other savings 
and continues to pursue further reductions where possible. 
 
   The Investment Manager is deemed to be a related party to the Company 
for the purposes of the AIM Rules and therefore the transaction 
described above is a related party transaction.  The director 
independent of the investment manager, Russel Michel considers, having 
consulted with the Company's nominated adviser, Grant Thornton UK LLP, 
that the terms of the new investment management agreement are fair and 
reasonable insofar as the Company's shareholders are concerned. 
 
   For further information: 
 
   St Peter Port Capital Limited 
 
   Lynn Bruce, Director 
 
   [phone] 
 
   Grant Thornton UK LLP (Nominated Adviser) 
 
   Philip Secrett 
 
   Jamie Barklem 
 
   Carolyn Sansom 
 
   [phone] 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: St Peter Port Capital Limited via Globenewswire 
 
 
  http://www.stpeterportcapital.gg 
 

(END) Dow Jones Newswires

August 10, 2017 06:44 ET (10:44 GMT)

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