DDIT Stakeholders

 

TIDMDDIT 
 
RNS Number : 5796D 
Directors' Dealing Inv.Tst (The)PLC 
04 December 2009 
 

 
 
 
 
Directors' Dealing Investment Trust PLC ("DDIT") 
Change of Advisers 
. 
The Directors of DDIT announce that they have terminated the current investment 
management contract and the management warrants deed with Knox D'Arcy Asset 
Management Ltd ("Knox D'Arcy") and entered into a new investment management 
agreement with Midas Investment Management Ltd ("Midas") with Midas charging a 
fee of 0.25 per cent of DDIT's net asset value per annum.  The aforementioned 
fee is also capped such that it can at no time exceed 5 per cent of the market 
capitalisation of the Company.   Midas will charge no fee for its services for 
the length of Knox D'Arcy's termination period. 
The board would also like to announce that Fairfax IS plc has been appointed as 
the Company's Broker with immediate effect 
Midas is also Investment Manager to Manchester & London Investment Trust plc 
("MLIT").  Under the management of the senior executives of Midas, MLIT has seen 
its net assets per ordinary share grow from 2.3p in December 1981 to 329.2p as 
at 31 July 2009 (being MLIT's last financial year end), a compound annual growth 
rate of 19.4 per cent.  During the same period, the FTSE All Share index has 
achieved a compound annual growth rate of 7.5 per cent. 
Overall the board has made cost cuts, including the above investment management 
changes, which in aggregate should reduce costs by an estimated ongoing 
annualised amount of approximately GBP500,000. The Board will continue to review 
other existing contracts in order to further reduce costs. 
For further information, please contact: 
Brett Miller 
Chairman 
Telephone: 07770 447 338 
 
 
Mark Sheppard 
Midas Investment Management Ltd 
Telephone: 020 7225 1836 
 
 
David Floyd, Gillian McCarthy, Andrew Cox 
Fairfax I.S. PLC 
Tel: 020 7598 5368 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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