Civitas Social Housing PLC Change in Fee Arrangements (3210X)
29 April 2019 - 4:01PM
UK Regulatory
TIDMCSH
RNS Number : 3210X
Civitas Social Housing PLC
29 April 2019
29 April 2019
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
Change in fee arrangements with the Investment Adviser
The Board and Investment Adviser have agreed to amend the
advisory fees paid by the Company so that they are based on IFRS
NAV instead of Portfolio NAV.
The effect of this change is to reduce, on a quarterly basis,
the amount of the advisory fee payable to the Investment Adviser to
reflect the lower measure of IFRS NAV compared to Portfolio
NAV.
The Investment Adviser is not entitled to any other transaction
fee or other performance fee.
The Board has also agreed with the Investment Adviser to extend
the initial notice period term within the Investment Management
Agreement from 30 November 2021 to 30 May 2024, subject to all
existing termination provisions remaining unchanged.
Under the listing rules of the FCA, the Investment Adviser is a
Related Party of the Company and the amendments to the Investment
Management Agreement constitute a smaller related party transaction
and are subject to the modified requirements for such transactions
set out in Listing Rule 11.1.10. The Company has obtained written
confirmation from its Sponsor, Cenkos Securities plc, in accordance
with the requirements of LR 11.1.10(2) (b) that the terms of the
proposals are fair and reasonable as far as Shareholders are
concerned.
The amendments are effective from 26 April 2019.
Note: the amended management fee based on IFRS NAV is summarised
below:
- on that part of the IFRS NAV up to and including GBP250
million, an amount equal to 1% of such part of the IFRS NAV;
- on that part of the IFRS NAV over GBP250 million and up to and
including GBP500 million, an amount equal to 0.9% of such part of
the IFRS NAV;
- on that part of the IFRS NAV over GBP500 million and up to and
including GBP1,000 million, an amount equal to 0.8% of such part of
the IFRS NAV; and
- on that part of the IFRS NAV over GBP1,000 million an amount
equal to 0.7% of such part of the IFRS NAV.
For further information, please contact:
Civitas Housing Advisors Limited
Paul Bridge Tel: +44 (0)20 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
Cenkos Securities PLC
Sapna Shah Tel: +44 (0)20 7397 1922
Tom Scrivens Tel: +44 (0)20 7397 1915
Buchanan
Helen Tarbet / Henry Harrison-Topham Tel: +44 (0) 20 7466
5000
Henry Wilson / Hannah Ratcliff civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC is the first Real Estate Investment
Trust offering pure play exposure to social housing in England and
Wales. The Company is advised by Civitas Housing Advisors Limited,
who are authorised and regulated by the Financial Conduct Authority
under Firms Reference Number 815699. The Company is listed on the
premium listing segment of the Official List of the Financial
Conduct Authority and was admitted to trading on the main market
for listed securities of the London Stock Exchange in November
2016. The company is a Constituent of the FTSE 250 index.
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END
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