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11 Aug 2008 07:00
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BLUE STAR CAPITAL PLC
11Β AUGUSTΒ 2008
BLUE STAR CAPITAL PLC
("Blue Star" or "the Company")
Blue StarΒ completes an investment management agreement with PegasusBridge Fund ManagementΒ Limited.
Blue Star (AIM: BLU), the company created to provide seed capital for early stage companies hasΒ today successfully completed an investment management agreement ("the Agreement") with PegasusBridge Fund Management Limited ("PegasusBridge"). The Agreement continues theΒ shift in strategic emphasis that wasΒ approved by shareholders on 3 July 2008 andΒ highlighted in the recentlyΒ announced interim results.
Under the Agreement, PegasusBridge will receive an annual managementΒ fee equal to 2 per cent. of the net asset valueΒ of the CompanyΒ together with the right to aΒ performance fee based on 20Β per cent. of the capitalΒ growthΒ of future investments made by the Company on the advice of PegasusBridge.
Related Party
Given his capacity as Chief Executive of the PegasusBridge group of companies which includes PegasusBridge Fund Management Limited, and in light of his recent appointment to the board of Blue Star, Richard Leaver is regarded as a related party.
Having consulted with Landsbanki Securities (UK) Limited, the Company's nominated adviser, the directors of the Company, with the exception of Richard Leaver, consider the terms of the Agreement to be fair and reasonable insofar as Blue Star's shareholders are concerned.
Ends
For further information:
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Blue Star Capital plc |
Tel: 020 7297 0010 |
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Nigel Robertson, Chairman |
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Haresh Kanabar, Chief Executive |
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Landsbanki Securities (UK) Limited |
Tel: 020 7426 9000 |
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Jeff KeatingΒ |
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Sebastian Jones |
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Square1 Consulting Limited |
Tel: 020 7929 5599 |
|
David Bick |
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|
Mark Longson |
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