Fundsmith Emerging Equities Tst PLC Correction: Change of Depositary and Administrator (5563Y)
06 December 2017 - 9:58PM
UK Regulatory
TIDMFEET
RNS Number : 5563Y
Fundsmith Emerging Equities Tst PLC
06 December 2017
The following replaces the change of depositary and
administrator announcement released on Monday 4 December 2017 at
11:00 am under RNS number 2784Y. The annual depositary fee has been
amended to 0.015% of net assets.
Fundsmith Emerging Equities Trust plc
(the "Company")
CHANGE OF DEPOSITARY AND ADMINISTRATOR
The Directors of the Company wish to announce the following
changes of service providers:
Change of Depositary
With effect from 2 January 2018, Northern Trust Global Services
Limited will be appointed, in place of State Street Trustees
Limited, as depositary of the Company (the "Depositary") pursuant
to a depositary agreement dated 30 November 2017 between the
Company, the Depositary and the Company's Alternative Investment
Fund Manager, Fundsmith LLP (the "Depositary Agreement").
The Depositary has delegated the custody and safekeeping of the
Company's assets to The Northern Trust Company.
In general, the Depositary is liable for losses suffered by the
Company as a result of its negligent or intentional failure to
properly fulfil its obligations. The liability of the Depositary
will not be affected by the fact that it has delegated safekeeping
to a third party.
Under the terms of the Depositary Agreement, the Depositary is
entitled to receive an annual fee of the higher of (i) GBP25,000;
or (ii) an amount equivalent to 0.015% of the net assets of the
Company. In addition, the Depositary is entitled to a variable
custody fee which depends on the type and location of the custodial
assets of the Company. It is expected that the new fee arrangements
will result in a reduction of the Company's ongoing charge
ratio.(1)
The Depositary Agreement may be terminated upon 3 months'
written notice from the Company to the Depositary or the Depositary
to the Company.
1The Company's ongoing charge ratio is calculated by taking the
Company's annualised ongoing charges, excluding exceptional items,
and dividing by the average net asset value of the Company over the
year.
Change of Administrator
With effect from 2 January 2018, Northern Trust Global Services
Limited (the "Administrator") has been appointed, in place of State
Street Bank and Trust Company, to provide fund accounting and other
administration services to the Company pursuant to a services
agreement dated 30 November 2017 between the Company, the
Administrator and Fundsmith LLP (the "Fund Administration
Agreement").
Under the terms of the Fund Administration Agreement, the
Administrator is entitled to receive an annual fee from the Company
of an amount equivalent to 0.03% of the net assets of the Company
up to GBP500 million and 0.02% of the net assets of the Company
over GBP500 million.
The Depositary Agreement and the Fund Administration Agreement
contain indemnities in favour of the Depositary and the
Administrator respectively, excluding matters arising by reason of
their negligence, intentional failure to perform their obligations
under the relevant agreement or fraud.
Details of the fees and material terms of both the Depositary
Agreement and the Fund Administration Agreement will be available
to investors in the Company's investor disclosure document, which
can be accessed on the Company's website www.feetplc.co.uk.
Enquiries:
Simon Godwin
Fundsmith LLP
Alternative Investment Fund Manager
0203 551 6339
Katherine Manson
Frostrow Capital LLP
Company Secretary
0203 709 8734
This information is provided by RNS
The company news service from the London Stock Exchange
END
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