SVM UK Emerging Fund plc (‘the
Company’)
Shareholder announcement in respect of
fees.
The Board of SVM UK Emerging Fund wishes to advise shareholders
that the Investment Management Fee will become payable with effect
from 1 October 2018 under the terms
stated in the Investment Management Agreement. The Board has
accepted the Manager’s request to delete reference to an incentive
fee.
SVM Asset Management Limited provides investment management and
secretarial services to the Company. These services can be
terminated without compensation at any time by giving one year’s
notice or an immediate payment of one year’s fees in lieu of
notice. SVM Asset Management is entitled to a fee for these
services, payable quarterly in arrears, equivalent to 0.75 per cent
per annum (plus VAT) of the total assets of the Company less
current liabilities.
Given the size of the Fund, SVM Asset Management Limited has
waived their management fees since 2004.
In addition, the Company has approved changes to the Directors
fees. The current limit is £75,000 in aggregate per annum and
shareholder approval in a general meeting would be required to
change this limit. Non-executive Directors are not eligible
for bonuses, pension benefits, share options, long-term incentive
schemes, compensation for loss of office or other benefits.
The revised fees per annum are as follows;
Mr Peter F
Dicks £10,000
Mr Richard P
Bernstein
£7,500
Mr Anthony
Puckridge
£7,500
For further information, please contact:
Colin McLean
SVM Asset Management Limited
Telephone: 0131 226 6699