Mgmt & Administration Deed

12 May 2005 12:45

Murray VCT 4 PLC12 May 2005 ANNOUNCEMENT Murray VCT 4 plc (the "Company") Fund Management Arrangements Further to the Announcement made by the Company on 24 March 2005, the Company ispleased to announce that the Company has today entered into a new Management andAdministration Deed with Murray Johnstone Limited ("Murray Johnstone") whichconfirms Murray Johnstone's continuing appointment for the portfolio managementand company secretarial responsibility for the Company. The notice oftermination served on Murray Johnstone which was to expire on 8 August 2005 hasnow been withdrawn. Key features of the new Management and Administration Deed with Murray Johnstoneinclude: Term: the new Management and Administration Deed operates for an initialperiod to 31 August 2006 and is thereafter capable of being terminated by threemonths' notice given by either the Company or Murray Johnstone. It alsocontains, inter alia, provisions regarding termination for material breach. Inaddition, inter alia, the Company has the right to terminate with immediateeffect subject to the payment of fees in lieu of notice. Fees: the Company will pay to Murray Johnstone a performance related feewhich is subject to a minimum amount being payable. (The minimum amount isbased on a gross assets test or a net assets test and for the period from 1March 2005 to 31 August 2005 will be calculated by using the percentage of0.4735% per quarter of a gross asset test, for the period from 1 September 2005to 31 August 2006 will be calculated by using the percentage of 0.125% perquarter of a net asset test and thereafter will be calculated by using thepercentage of 0.25% per quarter of a net asset test. The performance fee iscalculated as 20% of the increase in net asset value over a 6 month or 12 monthperiod taking into consideration distributions made over that period (subject toan overall cap of £1.25 million) and the minimum amount due.) Murray Johnstoneis also entitled to receive an annual administrative and secretarial fee of£50,000 per annum. This information is provided by RNS The company news service from the London Stock Exchange