18 Aug 2010 12:10
Greenwich Loan Income Fund Limited ("GLIF" or the "Group")
Change of Designated Manager and Administrator
18 August 2010
The Directors wish to announce that they have today received regulatory approval from the Guernsey Financial Services Commission to the appointment of Praxis Fund Services Limited as Designated Manager and Administrator of the Company with immediate effect.
The former Administrator, Secretary and Designated Manager, Butterfield Fulcrum Group (Guernsey) Limited, was entitled to an annual fee for its services, as administrator and secretary, of 0.075% of the Net Asset Value of the Group, calculated on the last business day of each quarter and payable quarterly in arrears. The fee was subject to a minimum of GBP40,000 per annum. They were also due a fixed accounting fee of GBP10,000 per annum plus a fixed fee of GBP5,000 for their registrar services.
The new Administrator, Secretary and Designated Manager, Praxis Fund Services Limited, will be entitled to an annual fee for its services of 0.1% of the Net Asset Value of the Group, payable quarterly in arrears. The fee is subject to a minimum of GBP55,000 per annum. In addition, the new Administrator will be entitled to receive a time based fee for all company secretarial services.
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Contacts:
Geoffrey Miller Greenwich Loan Income Fund Limited +353 1 4433 466
Patrick Conroy Greenwich Loan Income Fund Limited +1 203 983 5282
Philip SecrettNominated AdviserGrant Thornton Corporate Finance +44 207 383 5100
James Maxwell Singer Capital Markets Limited +44 (0) 20 3205 7622
Ed Gascoigne Pees Financial Dynamics +44 (0) 207 269 7132