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Low Carbon Accel Ltd (LCA)

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Friday 27 April, 2012

Low Carbon Accel Ltd

Appointment of Cogent Partners

RNS Number : 2465C
Low Carbon Accelerator Limited
27 April 2012
 



27 April 2012

Low Carbon Accelerator Limited

("LCA" or the "Company")

 

Appointment of Cogent Partners

 

The Board are pleased to announce the appointment of Cogent Partners to assist in the marketing and sale of the LCA portfolio. Cogent Partners are a leading secondary sell-side advisor with strong trans-Atlantic presence. Cogent Partners will work closely with the investment manager of the Company, Low Carbon Investors Ltd (the "Investment Manager"), in the formal marketing of the Company's assets and to distribute proceeds to shareholders.

In addition, the Board has taken action to preserve the existing cash reserves of the Company and minimise any long term liabilities. To this end, and with the agreement of the Investment Manager, the annual management fees have been reduced from 2.5% to 2% per annum with effect from 1st June 2012.  Furthermore, the Company has given notice to terminate  the investment management agreement with the Investment Manager to start the 12 month notice period and to minimise the long term liability associated with this contract. These changes have been made with full co-operation of the Investment Manager who will remain fully committed to supporting the disposal of the assets.

The reduction in the annual management fee is a related party transaction under AIM Rule 13 of the AIM Rules for Companies. The independent directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

About Low Carbon Accelerator: www.lowcarbonaccelerator.com

Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the AIM Market of the London Stock Exchange on 11 October 2006, raising £44.5 million. On 26 June 2009, the Company announced that it had raised a further £10 million, net of expenses, following the successful placing of a further 41.6 million shares.

Enquiries:

Low Carbon Investors Limited

Steve Mahon, CIO

Tel: +44 (0)20 7631 2630




Grant Thornton Corporate Finance

Colin Aaronson
Melanie Frean

Tel: +44 (0) 20 7383 5100

 


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