Last checked at 11 Aug 2008 07:00
BLUE STAR CAPITAL PLC
11 AUGUST 2008
BLUE STAR CAPITAL PLC
("Blue Star" or "the Company")
Blue Star completes an investment management agreement with PegasusBridge Fund Management Limited.
Blue Star (AIM: BLU), the company created to provide seed capital for early stage companies has today successfully completed an investment management agreement ("the Agreement") with PegasusBridge Fund Management Limited ("PegasusBridge"). The Agreement continues the shift in strategic emphasis that was approved by shareholders on 3 July 2008 and highlighted in the recently announced interim results.
Under the Agreement, PegasusBridge will receive an annual management fee equal to 2 per cent. of the net asset value of the Company together with the right to a performance fee based on 20 per cent. of the capital growth 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:
| Blue Star Capital plc | Tel: 020 7297 0010 |
| Nigel Robertson, Chairman | |
| Haresh Kanabar, Chief Executive | |
| Landsbanki Securities (UK) Limited | Tel: 020 7426 9000 |
| Jeff Keating | |
| Sebastian Jones | |
| Square1 Consulting Limited | Tel: 020 7929 5599 |
| David Bick | |
| Mark Longson |