Signet Global Fixed (SIGG) - Change of Investment Manager RNS Number : 1441S Signet Global Fixed Inc Strat. Ld 27 November 2012 STOCK EXCHANGE ANNOUNCEMENT For immediate release 27 November 2012 SIGNET GLOBAL FIXED INCOME STRATEGIES LIMITED (the "Company") 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 September 2012. 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 IMA; and · 10% of the Excess Return achieved in months 25 to 36 of the New IMA; and · 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 claims. The Board intends to propose a resolution at the 2013 AGM to change the Company's name to "Global Fixed Income Realisation Limited". Enquiries: Numis Securities Limited Nathan Brown Tel. +44 20 7260 1426 Arthur Cox Listing Services Limited Ken Foley Tel. +353 1 6181111 This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange END ISEDMMZMVNDGZZM -0- Nov/27/2012 16:45 GMT
Signet Global Fixed SIGG Change of Investment Manager
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