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Thursday, 10 August 2017

St Peter Port Capital Limited : Cost Reductions and Amendment to Investment Management Agreement

     

Published: 12:44 CEST 10-08-2017 /GlobeNewswire /Source: St Peter Port Capital Limited / : SPPC /ISIN: GG00B1V4NS68

St Peter Port Capital Limited : Cost Reductions and Amendment to Investment Management Agreement

 

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

+44 (0) 1481 724 222

 

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett

Jamie Barklem

Carolyn Sansom

+44 (0) 20 7383 5100





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: St Peter Port Capital Limited, PO Box 119, Martello Court, Admiral Park, St Peter Port GY1 3HB, Channel Islands
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