Management Incentive Scheme Arrangements

RNS Number : 5556P

Standard Life Euro Pri Eqty Tst PLC

05 October 2011

 



STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC 

(the "Company")

Management Incentive Scheme Arrangements

5 October 2011

When the Company was listed in 2001, an incentive scheme was put in place for the Company's investment management team.  This scheme operated over two five year performance periods; the second of these periods expired on 30 September 2011 with no management incentive awards due (subject to audit confirmation). 

During 2011, the Board has been considering an appropriate replacement incentive scheme and has reached agreement with the Company's manager on the principles and key commercial terms of this scheme. The performance period will run for five years from 1 October 2011. For an incentive fee to be payable at the end of the five years, the net asset value total return per share must grow by at least 8 per cent. compound per annum over the five year period to 30 September 2016.  Should this hurdle rate be achieved, the Company's manager will be entitled to an incentive fee of 10 per cent. of the growth in the net asset value per share in excess of the hurdle rate, multiplied by the number of shares in issue on 1 October 2011 (adjusted in certain circumstances to reflect subsequent share issuance and/or a material reduction in the Company's issued share capital).

Full details of the proposed new incentive scheme will be set out in a circular which will accompany this year's Annual Report and Accounts and the scheme will be put to the Company's independent shareholders for approval at the Annual General Meeting which will be held in early 2012.

Enquiries:

Scott Dobbie (Chairman)                                 020 7545 7505

Robbie Robertson                                           020 7523 8474

Collins Stewart

 

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