RNS Number : 4886R
Impax Asian Environmental Mkts Plc
04 November 2011
4 November 2011
Impax Asian Environmental Markets plc
Amendment to the Company's Management Arrangements
The Company is pleased to announce the following developments in relation to its management arrangements which follow discussions between the Company and its investment manager, Impax Asset Management Limited (the "Manager").
As disclosed in the Company's Annual Report for the year ended 30 June 2011, the Manager has taken further steps to develop its resources in the Asia-Pacific region. In August 2011, Impax Asset Management (Hong Kong) Limited ("IAMHK"), a wholly-owned subsidiary of the Manager's parent company, secured its Hong Kong Securities and Futures Commission licence to conduct asset management and advisory activities. In addition, David Hok Kwan Li joined IAMHK as a full time employee, having previously been employed by the Manager's investment adviser, Ajia Partners Asset Management (HK) Limited ("Ajia"), and seconded to the Manager. IAMHK has also recruited an investment analyst, who will join David Hok Kwan Li as a full-time employee in its Hong Kong office.
Further to these developments, and following discussions between the Company and the Manager, the Company has agreed to the Manager's delegation of certain of its managerial responsibilities to IAMHK, in accordance with the discretionary management agreement dated 8 October 2009 between the Company and the Manager. IAMHK's team will provide assistance to the Manager in respect of the management of the Company's investment portfolio including research and analysis on stocks eligible for investment. The Manager shall remain as the Company's investment manager and will retain overall control of and responsibility for both IAMHK and the management of the Company's investments. At the same time, and as a result of these changes, the Manager has brought to an end, with immediate effect, the advisory arrangement which it had in place with Ajia in connection with the Company.
In agreeing to these changes to the management arrangements, the Company's Board of Directors has made thorough enquiries of the Manager as to the resources and facilities which IAMHK will be able to provide, and is satisfied that the Company will continue to receive the same high quality of service and commitment from the Manager that it has received to date.
For further information please contact:
Impax Asian Environmental Markets plc +44 (0) 20 7490 4355
Anthony Lee (Company Secretary)
4 November 2011
This information is provided by RNS
The company news service from the London Stock Exchange