18 Jan 2010 07:00
EIH PLC ("EIH" or the "Company)
Appointment of an Investment Manager
EIH is pleased to announce, the appointment of Gateway Asset Management Company Limited ("Gateway") as investment manager to the Company, subject to the finalisation of the commercial terms of the appointment. The appointment supersedes that of Evolvence India Advisors Inc. ("EIA") whose contract terminated on 31st October 2009 and is conditional upon approval by a majority of the shareholders of the Company at an EGM of the Company, the date of which will be announced shortly.
Gateway is to manage the day to day operations of the Company and will work closely with the managers of the Evolvence India Fund ("EIF") and the Evolvence India Life Science Fund ("EILSF") as well as with RSB Group and Gland Pharma the two direct investee companies within the Company's portfolio. It will also cooperate closely with Company's administrator on valuations of the Company's existing portfolio, thereby facilitating the timely production of quarterly NAVs. Assisting the Board with liquidity generation ideas also forms part of the role which, in effect, will take day-to-day executive work and responsibility off the shoulders of the Company's Board, therefore enabling the Board to concentrate on forward strategy, oversight, investor relations and governance.
Gateway was formed in 2005 and operates out of India and Dubai. Its two principals are Jay Jeganathan, who used to be the CEO of the Company and was originally involved in the establishment of both EIF and the Company, and Ragotham Hayagreevan, who was also involved in the early stages of EIF and is based in Dubai. Both have a strong working knowledge of the existing portfolio and have working relationships with EIA, who manage EIF, the management of EILSF and the senior management of RSB Group and Gland Pharma, the two direct investee companies in the Company's portfolio.
Gateway has been selected after a rigorous evaluation exercise by the Board and it is the intention of the Board that shareholders will have the opportunity of meeting the Gateway team at the proposed EGM of the Company or at one-on-one meetings with shareholders held prior to the proposed EGM of the Company.
The Company will send shareholders the notice of EGM in due course.
Contacts
EIH plc
William Knight + 44 (0)20 7221 3900
Seymour Pierce Limited (Nominated Adviser and Broker)
Nandita Sahgal + 44 (0)20 7107 8000