Aurora Investment Trust PLC Clawback and cancellation of shares (1382M)
10 January 2023 - 02:03AM
UK Regulatory
TIDMARR
RNS Number : 1382M
Aurora Investment Trust PLC
09 January 2023
09 January 2023
Aurora Investment Trust plc (the "Company")
Clawback and cancellation of shares
The Company announces that in accordance with Investment
Management Agreement in place between the Company and Phoenix Asset
Management Partners Limited ("Phoenix" or the "Investment
Manager"), Phoenix has transferred 530,311 shares to the Company
and these have been cancelled.
Phoenix does not earn an ongoing annual management fee, but
instead is paid an annual performance fee, equal to one third of
the outperformance of the Company's NAV against its benchmark, FTSE
All-Share Index (total return).
The performance fee is paid by way of the issuance of ordinary
shares, which are subject to a fixed three-year clawback period. If
the outperformance versus the index reverses on the third-year
anniversary, some or all the issued shares will be returned by the
Investment Manager, and if outperformance fully reverses, the
Investment Manager will receive nothing.
The Company awarded shares to the Investment Manager in
settlement of a performance fee for the years ended 31 December
2019, 31 December 2020 and 31 December 2021. No performance fee has
been earned for the year ended 31 December 2022.
The clawback period in relation to the performance fee for the
year ended 31 December 2019 ended on 31 December 2022 and this
resulted in an entitlement to claw back 530,311 shares from
Phoenix. These shares have now been delivered to the Company and
cancelled. This transaction has already been factored into the
daily NAV calculation so no change to the published NAV arises from
this cancellation. The cancellation will be filed with the
Registrar of Companies shortly.
Following this cancellation, the Company's issued share capital
now comprises 76,078,460 ordinary shares of 25p, each carrying one
voting right. The Company does not hold any ordinary shares in
Treasury.
Therefore, the total number of voting rights in Aurora
Investment Trust plc is now 76,078,460. This figure may be used by
shareholders as the denominator for calculations by which they will
determine if they are required to notify their interest in the
Company, or a change to their interest in the Company, under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
For further information please contact:
Frostrow Capital LLP 020 3709 8733
Company Secretary
LEI Number: 2138007OUWIZFMAGO575
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