Signet Global Fixed SIGG Change of Investment Manager

  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