Investment Co. Regulatory News (INV)

The Investment Company Plc - Change of Investment Manager

PR Newswire

London, February 1

1 February 2018

The Investment Company plc

Change of Investment Manager

The Board of the Investment Company plc (“TIC” or the “Company”) announces that it is changing its investment manager from Miton Asset Management Limited (“Miton”) to Fiske plc (“Fiske”). The Board has agreed a period of notice with Miton and Fiske will assume responsibility for the portfolio from 1 April 2018. The Board thanks Miton for their work over the last five years.

Reasons for the change of Manager

The Board believes there is a strong commercial rationale for the change in manager, which will result in a reduction of the fund management fee from 1% to 0.75% per annum of Net Asset Value, payable monthly in arrears and cancellable on six months’ notice by either party. There is no minimum contract term. For the first twelve months, the management fee shall be capped, in total, at £90,000 net of VAT.

Fiske’s proposal was chosen after a comprehensive selection exercise as they were able to demonstrate:

Familiarity with the Company and the core investment philosophy

A competitive management fee structure

A clear strategy to reduce operating expenses and the ongoing charges ratio of the Company

A strategy to increase the size of the Company over the medium term

As there has been, and continues to be, some overlap in executives between Fiske and the Company the change of investment manager is considered a related party transaction of the Company. This transaction is therefore disclosable as a smaller related party transaction pursuant to LR 11.1.10 R.

The Board has also carried out a review of operations and is making changes to the Company’s administrative arrangements for the provision of Secretarial, Administration, Registrar and Custodian services with the aim of lowering the cost of overheads. Pursuant to this, an application has been made to the Financial Conduct Authority for the Company to be its own self-managed AIF.

For further information please contact:

The Investment Company plc

Sir David Thomson 07831 355 691

Martin Perrin 07785 505 337

Fiske plc

Michael Foster 020 7448 4700

Stockdale Securities Limited

Robert Finlay / Owen Matthews 020 7601 6115

LEI: 2138004PBWN5WM2XST62