Management Fee Arrangements

RNS Number : 6201D

Montanaro European Smaller C.TstPLC

31 March 2014

 



MONTANARO EUROPEAN SMALLER COMPANIES TRUST PLC

To:                   RNS

From:              Montanaro European Smaller Companies Trust plc

Date:               31 March 2014

Management Fee Arrangements

The Board has agreed changes to the management fee arrangements with the Company's Manager, Montanaro Asset Management Limited ('Montanaro').

With effect from 1 April 2014, there will no longer be a performance fee and the basic management fee will be reduced to 0.9% per annum of the Company's market capitalisation.

Montanaro is currently entitled to receive a basic management fee of 1.0% per annum of the Company's market capitalisation (payable monthly in arrears). Montanaro is also entitled to receive an annual performance fee equal to 15% of the amount by which the increase in the net asset value per share in any accounting period (adjusted for dividends paid or payable and the impact of accruing any performance fee) exceeds the total return on the Company's benchmark index plus 2.0 percentage points. The payment of the performance fee is subject to a high watermark test and a cap of 2.0% of the Company's net assets at the end of the relevant accounting period.

For further information please contact:

G Hay Smith

F&C Investment Business Limited

Company Secretary

0207 628 8000

 

END

 

 

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