Appointment

Finsbury Growth Trust PLC 11 December 2000 NEWS RELEASE To: News editors For immediate release Monday, 11 December 2000 Finsbury Growth Trust PLC The Board of Finsbury Growth Trust PLC ('the Company') today announces the appointment of a new investment adviser. This appointment follows Close Brothers Group taking its holding in the Company's investment manager, AFIM Limited, from 50 per cent to 100 per cent, which was announced today. AFIM Limited was previously a joint venture between Artemis Investment Management Limited and Close Brothers Group under the terms of which the investment management services of Mark Tyndall were provided to the Company. AFIM Limited will continue to be the Company's investment manager and under the new arrangements, which take immediate effect, Lindsell Train Limited has been appointed as the new discretionary investment adviser to the Company. The day-to-day management of the Company's investment portfolio will be the responsibility of Nick Train, a director of Lindsell Train Limited. There is no cost to the Company's shareholders in making these changes. The Board also announces that there will be a change in the basis on which AFIM Limited is remunerated. The basic fee will be changed from an annual fee of 0.75% of the gross asset value of the Company to an annual fee of 0.65% of the average market capitalisation of the Company over the year. In addition to the basic fee, the investment manager will also be entitled to a performance fee amounting to 15% of any increase in the Company's market capitalisation in any year, but only after the attainment of an absolute return hurdle. The absolute return hurdle will be the sum of the increase in the Retail Price Index in the year, plus a fixed return of 6.0%. The total fee payable in any one year, i.e. the sum of the basic fee and the performance fee, will be capped at 1.25% of the year end market capitalisation. Any outperformance, that would have resulted in a higher fee being paid had there been no cap, will be carried forward into the calculation of future years' fees. Similarly, in the case of underperformance against the hurdle, any underperformance will have to be made up in future years before a performance fee becomes payable in those years. Enquiries Michael Reeve Chairman, Finsbury Growth Trust PLC 020 7602 2624 Alastair Smith Managing Director, Close Finsbury Asset Management Limited 020 7426 6240 Colin Edge Marketing Director, Close Finsbury Asset Management Limited 020 7426 6233 Fiona Harris Quill Communications 020 7618 8905 Tom Durie HSBC Investment Bank plc 020 7336 2004
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