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Qatar Inv Fd PLC (QIF)

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Thursday 01 September, 2011

Qatar Inv Fd PLC

Notice to terminate investment management agreemnt

RNS Number : 3644N
Qatar Investment Fund PLC
01 September 2011
 



1 September 2011

 

Qatar Investment Fund plc

(the "Company")

 

The Company and EQOH give precautionary notice of termination to investment manager ahead of 2012 vote on life of the Company

 

Shareholders will be aware from various Company disclosures that the Company currently does not have a fixed life and that, in accordance with the articles of association, at the annual general meeting of the Company in 2012, a resolution will be proposed that the Company ceases to continue in existence (the "Discontinuation Vote"). Shareholders holding at least 51% of the ordinary shares must vote in favour of the resolution for it to be passed.

The Company and its investment manager Epicure Managers Qatar Limited ("EMQL") entered into a revised investment management agreement dated 21 February 2011, as amended (the "Management Agreement"). The Board notes that the Management Agreement is terminable on a minimum of twelve months' notice. In order to avoid the Company incurring unnecessary expense in the event that the Discontinuation Vote is passed, the Board has determined that it would be prudent to give precautionary notice of termination under the terms of the Management Agreement.

Accordingly, the Board of the Company announces that it and its wholly owned subsidiary Epicure Qatar Opportunities Holdings Limited ("EQOH") have given precautionary notice to EMQL of the termination of the Management Agreement. The termination is to take effect on 1 November 2012.

The Company appointed EMQL as the investment manager of the assets of the Company and its subsidiary upon the launch of the Company and EMQL has, since that time, had responsibility for the management of those assets. EMQL appointed Qatar Insurance Company S.A.Q. to act as the investment adviser to EMQL and the Company under the terms of an investment advisory agreement which will terminate automatically on the date on which the Management Agreement terminates.

The Board will take steps to ensure that appropriate investment management and advisory arrangements are considered at the time of the Discontinuation Vote.

Further announcements will be made in due course.

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                              +44 (0) 20 7459 3600

Panmure Gordon

 

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

Oriel Securities

 

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

Maitland

 


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