22 Jul 2014 16:00
22 July 2014
Chenavari Capital Solutions Limited ("Company")
Change of Investment Manager and Alternative Investment Fund Manager
Chenavari Capital Solutions Limited announces the appointment of Toro S.a.r.l (a Chenavari group company) as alternative investment fund manager ("AIFM") to the Company. Toro S.a.r.l is replacing Chenavari Investment Managers (Guernsey) Limited as investment manager of record to the Company and is also taking over the function of AIFM to the Company from Chenavari Credit Partners LLP ("CCP"), the Company's Investment Adviser.
Toro S.a.r.l has applied to the Commission du Secteur Financier in Luxembourg for, and expects to be granted, authorisation to act as AIFM of the Chenavari group's alternative investment funds in accordance with the requirements of the Alternative Investment Fund Managers Directive (the "AIFMD"). In accordance with applicable transitional arrangements in Luxembourg, Toro S.a.r.l may act as AIFM to the Company pending the completion of its authorisation application. On authorisation it is intended that Toro S.a.r.l will be renamed Chenavari Investment Managers Luxembourg S.a.r.l.
Accordingly, the Company's investment management and sub-investment advisory agreements have been amended and restated to substitute Toro S.a.r.l as the investment manager and AIFM of the Company. CCP will continue to act as sub-investment adviser to Toro S.a.r.l in its capacity as investment manager. Save for consequential changes to the agreements necessary to reflect the requirements of the AIFMD, no other material terms of the agreements have been changed.
Enquiries:
Amy Ward or Kirstie McLaren
Chenavari Investment Managers
Email: Investor-relations@chenavari.com
Telephone: +44 20 7259 3600