River and Mercantile Group PLC RMMIC Update (4166U)
July 12 2018 - 1:00AM
UK Regulatory
TIDMRIV
RNS Number : 4166U
River and Mercantile Group PLC
12 July 2018
12 July 2018
LEI: 2138005C7REHURGWHW31
River and Mercantile Group PLC ("the Company")
River and Mercantile UK Micro Cap Investment Company Limited
River and Mercantile Group PLC (the "Company") announces that it
has been informed by the Board of River and Mercantile UK Micro Cap
Investment Company Limited ("RMMIC") that RMMIC intends to
implement a partial compulsory redemption of shares in RMMIC in
accordance with the prospectus published at the time of RMMIC's IPO
in November 2014. RMMIC intends to return approximately GBP12
million, less the costs of the redemption, to its shareholders at a
price based on RMMIC's NAV per share at the close of business on 6
July 2018. Further detail of the RMMIC partial compulsory
redemption is available in the RMMIC RNS of 11 July 2018 (RNS
Number 3625U).
The Company's subsidiary River and Mercantile Asset Management
LLP ("RAMAM") is the appointed investment manager of RMMIC. RAMAM
is entitled to receive a performance fee based on the amount by
which RMMIC's investment portfolio outperforms the total return of
its benchmark when RMMIC implements a compulsory redemption of
shares. Accordingly, as a result of the substantial outperformance
delivered for shareholders of RMMIC, RAMAM is due to receive a
performance fee of approximately GBP1.98 million, following the
compulsory redemption of the RMMIC shares.
George Ensor, Portfolio Manager commented:
"The returns that have been delivered demonstrate the ongoing
execution of our investment philosophy, PVT, and process, both of
which remain unchanged not only since the Trust's IPO but since the
founding of the River and Mercantile Equities business. The capital
return highlights the Board's focus on the discount and willingness
to use the tools at their disposal. Finally, and importantly, the
return reinforces our opinion that this is a necessary process for
the Trust to remain appropriately sized for the universe in which
it is investing."
James Barham, CEO of River and Mercantile Asset Management
commented:
"George has been critically involved in delivering exceptional
performance since the Company's IPO in 2014 and I am delighted to
see the strong investment returns generated for shareholders
continue under his precise stewardship. He continues to apply the
PVT process in a clear and consistent manner to the benefit of
shareholders".
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Sally Buckmaster
Company Secretary
River and Mercantile Group PLC
For further information please contact:
River and Mercantile Group PLC +44 (0)20 3327 5100
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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