LMS Capital PLC Authorisation of Gresham House AM as AIFM (8085M)
May 01 2018 - 11:35AM
UK Regulatory
TIDMLMS
RNS Number : 8085M
LMS Capital PLC
01 May 2018
1 May 2018
LMS Capital Plc ("LMS" or the "Company")
(LON: LMS)
Authorisation of Gresham House Asset Management as AIFM
The Board of the Company announces the authorisation of its
investment manager, Gresham House Asset Management Limited
("GHAM"), as a full-scope Alternative Investment Fund Manager
("AIFM") by the Financial Conduct Authority under the requirements
of the Alternative Investment Fund Management Directive ("AIFMD").
GHAM will replace G10 Capital as AIFM to LMS.
GHAM will adopt responsibility for the management and
administration of LMS's portfolio and the distribution of shares,
subject to the overall supervision and control of the Directors of
LMS. The fees and principal terms of Gresham House Asset
Management's appointment as AIFM remain unchanged from the existing
management agreement.
Ipes Depositary (UK) Limited ("Ipes") remains the appointed
depositary for LMS. Ipes is authorised and regulated by the
Financial Conduct Authority.
Gresham House has published a summary of the principal terms of
GHAM's appointment by LMS and the appointment of Ipes as the
depository to LMS in a supplementary memorandum on the company's
website. This information can be found at
http://privateassets.greshamhouse.com/investor-relations/.
Additionally, the AIFMD requires the Company to provide certain
additional information to shareholders. This information can be
found at
http://privateassets.greshamhouse.com/investor-relations/.
Pursuant to the Depositary Agreement, the Depositary shall be
paid annual and transactional fees on normal commercial terms.
The Depositary does not warrant the contents of this
announcement (other than information pertaining to it), nor is it
involved in the management, administration or net asset value
calculation of the Company. The services as Depositary may be
terminated by the Company or the Depositary at any time, subject to
60 business days prior written notice and the appointment of a
replacement depositary, or on 10 business days written notice by
any such party in the event of certain circumstances set out in the
Depositary Agreement.
The AIFM and the Company indemnify and hold harmless the
Depositary, its directors, officers, and employees from and against
any losses, expenses and liabilities incurred by such persons in
the performance of services under the Depositary Agreement.
However, the Depositary, its directors, officers, employees and/or
agents will not be indemnified by the Company for any such action
or inaction arising from fraud, wilful default, negligence, or bad
faith on the part of the Depositary. The Depositary has delegated
safekeeping duties to a sub-custodian ("Sub-Custodian"). The
Depositary has also discharged to the Sub Custodian various
liabilities in respect of assets held at the Sub Custodian. The
Depositary has no investment discretion over the assets of the
Company.
The Depositary may appoint sub-custodians, agents or delegates
to hold the assets of the Company, provided that the Depositary
shall exercise reasonable skill, care and due diligence in the
selection of a suitable sub-custodian and shall be responsible to
the Company for the duration of the relevant sub-custody agreement
for satisfying itself as the ongoing suitability of the
sub-custodians to provide custodial services to the Company. The
Depositary will also maintain an appropriate level of supervision
over the sub-custodians and will make appropriate inquiries
periodically to confirm that the obligations of the sub-custodians
continue to be competently discharged.
Enquiries:
LMS Capital plc +44 (0) 20 3837
Martin Knight 6275
Gresham House Asset Management
Limited +44 (0) 20 3837
Graham Bird 6275
J.P. Morgan Cazenove +44 (0) 207 742
Michael Wentworth-Stanley 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 01, 2018 12:35 ET (16:35 GMT)
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