SVM UK Emerg Fund Shareholder announcement in respect of fees

 
TIDMSVM 
 
SVM UK Emerging Fund plc ('the Company') 
 
Shareholder announcement in respect of fees. 
 
The Board of SVM UK Emerging Fund wishes to advise shareholders that the 
Investment Management Fee will become payable with effect from 1 October 2018 
under the terms stated in the Investment Management Agreement.  The Board has 
accepted the Manager's request to delete reference to an incentive fee. 
 
SVM Asset Management Limited provides investment management and secretarial 
services to the Company. These services can be terminated without compensation 
at any time by giving one year's notice or an immediate payment of one year's 
fees in lieu of notice.  SVM Asset Management is entitled to a fee for these 
services, payable quarterly in arrears, equivalent to 0.75 per cent per annum 
(plus VAT) of the total assets of the Company less current liabilities. 
 
Given the size of the Fund, SVM Asset Management Limited has waived their 
management fees since 2004. 
 
In addition, the Company has approved changes to the Directors fees. The 
current limit is GBP75,000 in aggregate per annum and shareholder approval in a 
general meeting would be required to change this limit.  Non-executive 
Directors are not eligible for bonuses, pension benefits, share options, 
long-term incentive schemes, compensation for loss of office or other benefits. 
 
The revised fees per annum are as follows; 
 
Mr Peter F Dicks                         GBP10,000 
 
Mr Richard P Bernstein                GBP7,500 
 
Mr Anthony Puckridge                  GBP7,500 
 
For further information, please contact: 
 
Colin McLean 
 
SVM Asset Management Limited 
 
Telephone: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

October 09, 2018 07:00 ET (11:00 GMT)