Sign In
27 May 2009 07:00
Rensburg Sheppards plc ('the Company')
The Company is pleased to announce that its wholly-owned subsidiary, Rensburg Fund Management Limited, has on 26 May 2009, agreed to propose and recommend to unitholders a merger of the Rensburg Corporate Bond Trust with a newly established Gartmore Corporate Bond Fund, a proposed new sub-fund of Gartmore Investment Funds Series II. This follows the press release made on 16 February 2009 by Rensburg Fund Management Limited regarding the departure, later this year, of its Corporate Bond Trust fund manager, John Anderson.
The launch of the new sub-fund is subject to FSA approval and the merger is subject to both FSA and unitholder approval.
In the event that the merger is effected, Rensburg Fund Management Limited will receive deferred cash consideration, calculated on the basis of a percentage of the net annual management fee to be received by Gartmore Fund Managers Limited ('Gartmore') in respect of its management of the new Gartmore Corporate Bond Fund (subject to the exclusion from that calculation of the value attributable to certain schemes of arrangement, mergers and fund switches into the new Gartmore Corporate Bond Fund which occur within 6 months of the transfer date) for the 3 year period following the date of transfer.
John Anderson is to join Gartmore upon successful completion of the merger, and will act as fund manager to the Gartmore Corporate Bond Fund. It is anticipated that, if approved by the FSA and unitholders, the transfer will be completed by the end of July 2009.
For further information, please contact:
Steve Elliott, Chief Executive
Rensburg Sheppards plc
020 7597 1234
Jonathan Wragg, Finance Director
Rensburg Sheppards plc
0114 275 5100
Follow the stocks
