Statement re Investment Management Agreement (0833I)
June 08 2011 - 6:33AM
UK Regulatory
TIDMQIF
RNS Number : 0833I
Qatar Investment Fund PLC
08 June 2011
8 June 2011
Qatar Investment Fund plc
("QIF" or the "Company")
Statement re Investment Management Agreement
Further to the announcement dated 21 February 2011, and the
circular to shareholders of the same date, the Board is pleased to
announce that they have agreed a further revision to the Investment
Management Agreement.
As announced on 21 February 2011, the Company negotiated revised
performance fee arrangements whereby the performance fee structure
was based upon the performance of the Company's adjusted net asset
value per ordinary share (being net asset value at the end of the
relevant period (before any performance fees payable) plus
dividends or distributions paid in excess of dividends received)
compared to the performance of the QE Index.
The Board has agreed with the Investment Manager for a revision
to the definition of adjusted net asset value per ordinary share
such that dividends received and dividends paid are removed from
the relevant definition. In the ordinary course, dividends paid
would be expected to be lower than dividends received, given the
Company's running costs. Accordingly, the performance fee
calculation will now be based on outperformance of the adjusted net
asset value (before the effect of dividends received and paid)
relative to the performance of the QE Index, in any particular
period. This amendment to the Investment Management Agreement is
deemed to have had effect from 21 February 2011.
David von Simson, Chairman, said: "The Board is pleased to have
agreed this further amendment to the Investment Management
Agreement. We believe this amendment is beneficial to shareholders
as no performance fee will potentially be payable on the net effect
of dividends received and dividends paid, and for performance fee
calculation purposes, the amendments aligns the NAV with the QE
Index (which is not adjusted for dividends paid)."
For further information please contact
David von Simson, Chairman +44 (0) 20 7451 4500
Qatar Investment Fund plc
Ian Dungate/Suzanne Jones + 44 (0) 1624 692600
Galileo Fund Services Limited
Andrew Potts/Callum Stewart +44 (0) 20 7459 3600
Panmure Gordon
Joe Winkley/Neil Winward/Ashton Clanfield +44 (0) 20 7710
7600
Oriel Securities
William Clutterbuck/Sam Turvey +44 (0) 20 7379 5151
Maitland
Additional information:
The amendments to the Investment Management Agreement are as
follows:
The previous and revised definitions of "Adjusted Net Asset
Value per Ordinary Share" are as follows:
Previous:
as at a particular time, the sum of A and B where:
(i) A is the Net Asset Value per Ordinary Share at that time
calculated on a basis that does not recognise any liability of the
Company to the Investment Manager in respect of any performance fee
that is, or may become, payable; and
(ii) B is the sum of all dividends paid or distributions made by
the Company in any Performance Period in excess of the aggregate
dividend payments received by the Company from its investments
since 1 January 2011 divided by the number of Ordinary Shares in
issue at the time of each dividend or distribution;
Revised:
as at a particular time, the total of A minus B plus C
where:
(i) A is the Net Asset Value per Ordinary Share at that time
calculated on a basis that does not recognise any liability of the
Company to the Investment Manager in respect of any performance fee
that is, or may become, payable;
(ii) B is the sum of all dividends received by the Company since
1 January 2011 divided by the number of Ordinary Shares in issue at
the time of each dividend; and
(iii) C is the sum of all dividends paid by the Company since 1
January 2011 divided by the number of Ordinary Shares in issue at
the time of each dividend;
The revised definition of Adjusted Net Asset Value per Ordinary
Share also removes an erroneous drafting point where the adjustment
for dividends paid in excess of dividends received was drafted with
a mismatch in calculation periods for dividends received and paid.
Dividends paid were calculated in any particular period, whereas
dividends received were calculated on an aggregated basis from 1
January 2011.
All other provisions remain as per the Investment Management
Agreement dated 21 February 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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