25 Feb 2021 07:00
25 February 2021
KKV Secured Loan Fund Limited
LEI: 2138007S3YRY3IUU4W39
Management Fee Arrangements
The Board of KKV Secured Loan Fund Limited (the "Company") is pleased to announce that it has agreed revised fee arrangements with KKV Investment Management Limited (the "Portfolio Manager") in respect of the ongoing management of the Ordinary Share portfolio following approval by the Ordinary Shareholders to place the Ordinary Share class into managed wind-down alongside the C Share class.
In the RNS released on 13 November 2020, the Company announced that, in addition to a clawback of management fees from date of the appointment of the Portfolio Manager to reflect the lower net asset value ("NAV") reported as at 30 June 2020, the Board also stated that, subject to the Ordinary Shareholders approving proposals to place the Ordinary Share class into managed wind-down, the parties to the Investment Management Agreement ("IMA") had agreed to use reasonable endeavours to agree a revised management fee scale for the Ordinary Shares.
The Board has now reached an agreement with the Portfolio Manager to amend the IMA to reduce the management fee payable on the Ordinary Shares from 1 per cent. of the Ordinary Share NAV per annum to:
· 0.96 per cent. of the Ordinary Share NAV for the period from 1 January 2021 to 31 December 2021;
· 0.92 per cent. of the Ordinary Share NAV for the period from 1 January 2022 to 31 December 2022; and
· 0.80 per cent. of the Ordinary Share NAV per annum for the period from 1 January 2023 onwards.
In addition, the Company has agreed to waive and release the Portfolio Manager of any obligation to use 5 per cent. of management fees received by it in relation to Ordinary Shares and C Shares to purchase Ordinary Shares and C Shares, respectively, in the market.
All other terms of the IMA between the Company and the Portfolio Manager remain unchanged.
For further information please contact:
KKV Secured Loan Fund Limited, Brett Miller via the Company Secretary
KKV Investment Management, Catherine Halford Investor.communications@kkvim.com
BNP Paribas Securities Services S.C.A., Guernsey Branch Company Secretary 01481 750 853
Winterflood Securities Limited, Neil Langford 020 3100 0000