Change of Advisers
December 04 2009 - 1:30AM
UK Regulatory
TIDMDDIT
RNS Number : 5796D
Directors' Dealing Inv.Tst (The)PLC
04 December 2009
Directors' Dealing Investment Trust PLC ("DDIT")
Change of Advisers
.
The Directors of DDIT announce that they have terminated the current investment
management contract and the management warrants deed with Knox D'Arcy Asset
Management Ltd ("Knox D'Arcy") and entered into a new investment management
agreement with Midas Investment Management Ltd ("Midas") with Midas charging a
fee of 0.25 per cent of DDIT's net asset value per annum. The aforementioned
fee is also capped such that it can at no time exceed 5 per cent of the market
capitalisation of the Company. Midas will charge no fee for its services for
the length of Knox D'Arcy's termination period.
The board would also like to announce that Fairfax IS plc has been appointed as
the Company's Broker with immediate effect
Midas is also Investment Manager to Manchester & London Investment Trust plc
("MLIT"). Under the management of the senior executives of Midas, MLIT has seen
its net assets per ordinary share grow from 2.3p in December 1981 to 329.2p as
at 31 July 2009 (being MLIT's last financial year end), a compound annual growth
rate of 19.4 per cent. During the same period, the FTSE All Share index has
achieved a compound annual growth rate of 7.5 per cent.
Overall the board has made cost cuts, including the above investment management
changes, which in aggregate should reduce costs by an estimated ongoing
annualised amount of approximately GBP500,000. The Board will continue to review
other existing contracts in order to further reduce costs.
For further information, please contact:
Brett Miller
Chairman
Telephone: 07770 447 338
Mark Sheppard
Midas Investment Management Ltd
Telephone: 020 7225 1836
David Floyd, Gillian McCarthy, Andrew Cox
Fairfax I.S. PLC
Tel: 020 7598 5368
This information is provided by RNS
The company news service from the London Stock Exchange
END
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