Signet Global Fixed (SIGG) - Change of Investment Manager
RNS Number : 1441S
Signet Global Fixed Inc Strat. Ld
27 November 2012
STOCK EXCHANGE ANNOUNCEMENT
27 November 2012
SIGNET GLOBAL FIXED INCOME STRATEGIES LIMITED
CHANGE OF INVESTMENT MANAGER
The board of Signet Global Fixed Income Strategies Limited (the "Board")
announced on 28 June 2012 that as part of the winding down process the Company
had given six months' notice to terminate the Company's investment management
agreement with Signet Capital Management Limited in accordance with the
provisions of that agreement, and was reviewing the appropriate basis for the
future investment management of the Company's portfolio.
The Board today announces that the Company has entered into a new investment
management agreement (the "New IMA") dated 27 November 2012 under which Gottex
Asset Management (UK) Ltd (the "New Investment Manager") has been appointed to
act as the Company's investment manager with effect from 1 January 2013.
The New Investment Manager is authorised and regulated in the UK by the
Financial Services Authority and is a subsidiary of Gottex Fund Management
Holdings Limited ("GFM"),one of the leading independent alternative asset
managers in the world with USD 7.56 billion in fee-earning assets as at 30
The management of the Company's portfolio will be the responsibility of GFM's
asset-based lending team, which has extensive experience in the monetisation
of legacy portfolios in the asset class in which the Company is invested.
Under the terms of the New IMA, the New Investment Manager will manage the
Company's investments on a discretionary basis in accordance with the
Company's existing investment objective and policy, which require the Company
to be managed with a view to realising its existing portfolio in an orderly
and timely manner.
The Company has agreed to pay the New Investment Manager a management Fee of
0.5% per annum of the Company's portfolio value (excluding cash), calculated
on a monthly basis, plus an incentive fee calculated as follows:
· 20% of the Excess Return achieved in the first 24 months of the New
· 10% of the Excess Return achieved in months 25 to 36 of the New IMA;
· 5% of the Excess Return achieved thereafter;
where "Excess Return" represents any amounts deemed as available for
distribution to the Company's shareholders in excess of £52,629,740, being a
20% premium to the Company's market capitalisation as at the date immediately
prior to the date of the New IMA.
The New IMA may be terminated with one month's notice and immediately in
certain circumstances including in the event that the Company's shareholders
approve the appointment of a liquidator.
Under the New IMA, the Company indemnifies the New Investment Manager and its
affiliates/agents/employees (together the "Indemnified Persons") against all
costs and losses arising from any proceedings or claims brought by reason of
the performance of the New Investment Manager's duties under the New IMA. The
indemnity ceases to be effective in the event that such cost or loss is
determined by a judge or as a result of an admission of liability to have
arisen due to the gross negligence, willful breach of duty, or willful breach
of the New IMA by any Indemnified Person. If such judicial determination or
admission of liability is made, the New Investment Manager indemnifies the
Company against all costs and losses arising from any such proceedings or
The Board intends to propose a resolution at the 2013 AGM to change the
Company's name to "Global Fixed Income Realisation Limited".
Numis Securities Limited
Tel. +44 20 7260 1426
Arthur Cox Listing Services Limited
Tel. +353 1 6181111
This announcement has been issued through the Companies Announcement Service
The Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
ISEDMMZMVNDGZZM -0- Nov/27/2012 16:45 GMT
Press spacebar to pause and continue. Press esc to stop.