16 Jul 2009 14:53
RIS ANNOUNCEMENT
IRP PROPERTY INVESTMENTS LIMITED
16 JULY 2009
Amendments to investment management agreement
The Board is pleased to announce that it has agreed terms with F&C Investment Business Limited (the "Manager") for a reduction to the management fee payable to the Manager and also a reduction of the notice period required under the investment management agreement.
Reduced management fee
Currently the management fee payable to the Manager is 0.85 per cent. per annum of the gross assets of the group, less current liabilities and any principal amounts of borrowing drawn down but not invested from time to time ("Total Assets"). The Board has agreed with the Manager that with effect from 1 July 2009 the Manager shall receive a reduced fee of 0.70 per cent. per annum of the Total Assets, including cash held provided that no fee shall be payable on any cash held in excess of 5 per cent. of the net assets of the Company.
Change to notice period
The notice period in relation to the termination of the investment management agreement has been reduced from twelve months to six months by either party.
Supplemental investment management agreement
It is expected that a supplemental investment management agreement to reflect these amended terms will be entered into by the Company and the Manager shortly.
The Company will make a further announcement once the final supplemental agreement has been entered into and a copy of this agreement, together with the original investment management agreement, will be available for inspection at the offices of Dickson Minto W.S., Royal London House, 22/25 Finsbury Square, London EC2A 1DX for ten business days from the date of that announcement.
All enquiries
Ian McBryde/Scott Macrae, F&C Investment Business Limited020 7628 8000
Douglas Armstrong, Dickson Minto W.S.020 7628 4455
Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited0131 226 4411
The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745001