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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We store and use information you provide as follows:

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However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

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ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

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CONTACT

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Qatar Inv Fd PLC (QIF)

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Wednesday 08 June, 2011

Qatar Inv Fd PLC

Statement re Investment Management Agreement

RNS Number : 0833I
Qatar Investment Fund PLC
08 June 2011
 





8 June 2011

 

Qatar Investment Fund plc

("QIF" or the "Company")

 

Statement re Investment Management Agreement

 

Further to the announcement dated 21 February 2011, and the circular to shareholders of the same date, the Board is pleased to announce that they have agreed a further revision to the Investment Management Agreement.

 

As announced on 21 February 2011, the Company negotiated revised performance fee arrangements whereby the performance fee structure was based upon the performance of the Company's adjusted net asset value per ordinary share (being net asset value at the end of the relevant period (before any performance fees payable) plus dividends or distributions paid in excess of dividends received) compared to the performance of the QE Index.

 

The Board has agreed with the Investment Manager for a revision to the definition of adjusted net asset value per ordinary share such that dividends received and dividends paid are removed from the relevant definition. In the ordinary course, dividends paid would be expected to be lower than dividends received, given the Company's running costs. Accordingly, the performance fee calculation will now be based on outperformance of the adjusted net asset value (before the effect of dividends received and paid) relative to the performance of the QE Index, in any particular period. This amendment to the Investment Management Agreement is deemed to have had effect from 21 February 2011. 

David von Simson, Chairman, said: "The Board is pleased to have agreed this further amendment to the Investment Management Agreement. We believe this amendment is beneficial to shareholders as no performance fee will potentially be payable on the net effect of dividends received and dividends paid, and for performance fee calculation purposes, the amendments aligns the NAV with the QE Index (which is not adjusted for dividends paid)."

 

For further information please contact

David von Simson, Chairman +44 (0) 20 7451 4500

Qatar Investment Fund plc

 

Ian Dungate/Suzanne Jones + 44 (0) 1624 692600

Galileo Fund Services Limited

 

Andrew Potts/Callum Stewart +44 (0) 20 7459 3600

Panmure Gordon

 

Joe Winkley/Neil Winward/Ashton Clanfield +44 (0) 20 7710 7600

Oriel Securities

 

William Clutterbuck/Sam Turvey +44 (0) 20 7379 5151

Maitland

 

 

 

Additional information:

 

 

The amendments to the Investment Management Agreement are as follows:

 

The previous and revised definitions of "Adjusted Net Asset Value per Ordinary Share" are as follows:

Previous:

 

as at a particular time, the sum of A and B where:

 

(i)         A is the Net Asset Value per Ordinary Share at that time calculated on a basis that does not recognise any liability of the Company to the Investment Manager in respect of any performance fee that is, or may become, payable; and

 

(ii)        B is the sum of all dividends paid or distributions made by the Company in any Performance Period in excess of the aggregate dividend payments received by the Company from its investments since 1 January 2011 divided by the number of Ordinary Shares in issue at the time of each dividend or distribution;

 

Revised:

 

as at a particular time, the total of A minus B plus C where:

 

(i)         A is the Net Asset Value per Ordinary Share at that time calculated on a basis that does not recognise any liability of the Company to the Investment Manager in respect of any performance fee that is, or may become, payable;

 

(ii)        B is the sum of all dividends received by the Company since 1 January 2011 divided by the number of Ordinary Shares in issue at the time of each dividend; and

 

(iii)       C is the sum of all dividends paid by the Company since 1 January 2011 divided by the number of Ordinary Shares in issue at the time of each dividend;

 

The revised definition of Adjusted Net Asset Value per Ordinary Share also removes an erroneous drafting point where the adjustment for dividends paid in excess of dividends received was drafted with a mismatch in calculation periods for dividends received and paid. Dividends paid were calculated in any particular period, whereas dividends received were calculated on an aggregated basis from 1 January 2011.

 

All other provisions remain as per the Investment Management Agreement dated 21 February 2011.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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