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12 Sep 2007 16:32
TriVest VCT plc (the "Company")
12 September 2007
Changes to the management arrangements
The Board is today announcing details of proposed changes to its existing management arrangements.
The Board has been aware for some time that Nova Capital Management Limited (`Nova') would wish to terminate its management agreement with the Company when it believed it had discharged the tasks and responsibilities set out in its mandate in order to concentrate on its core businesses. Several months ago Nova and the Board concluded that this position had now largely been reached.
In the light of this and having reviewed extensively various options, the Board considered that it would be in the best interests of Shareholders to change the Company to a dual manager fund under the existing management of Foresight Venture Partners (`FVP') and Matrix Private Equity Partners LLP (`MPEP').
Nova's mandate was terminated in accordance with contractual arrangements on 31 August 2007 and the management of the Nova portfolio was transferred to FVP and MPEP in equal amounts. The Board takes this opportunity to thank Nova for its contribution in managing the portfolio over the past five years, after taking on the mandate at a difficult time for the portfolio in 2002, and wishes Nova every success in the future.
The Board is also considering the possibility of a further fund-raising to be undertaken in the current tax year and intends to send a circular to shareholders imminently giving full details of these developments.
Contact details for further enquiries:
Robert Brittain of Matrix-Securities Limited (the Company Secretary) on 020 7925 3300 or by e-mail on trivest@matrixgroup.co.uk.
TRIVEST VCT PLC
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