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Dirs' Dealing InvTst (DDIT)

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Friday 04 December, 2009

Dirs' Dealing InvTst

Change of Advisers

RNS Number : 5796D
Directors' Dealing Inv.Tst (The)PLC
04 December 2009
 





Directors' Dealing Investment Trust PLC ("DDIT")

Change of Advisers

. 

The Directors of DDIT announce that they have terminated the current investment management contract and the management warrants deed with Knox D'Arcy Asset Management Ltd ("Knox D'Arcy") and entered into a new investment management agreement with Midas Investment Management Ltd ("Midas") with Midas charging a fee of 0.25 per cent of DDIT's net asset value per annum.  The aforementioned fee is also capped such that it can at no time exceed 5 per cent of the market capitalisation of the Company.   Midas will charge no fee for its services for the length of Knox D'Arcy's termination period.

The board would also like to announce that Fairfax IS plc has been appointed as the Company's Broker with immediate effect

Midas is also Investment Manager to Manchester & London Investment Trust plc ("MLIT").  Under the management of the senior executives of Midas, MLIT has seen its net assets per ordinary share grow from 2.3p in December 1981 to 329.2p as at 31 July 2009 (being MLIT's last financial year end), a compound annual growth rate of 19.4 per cent.  During the same period, the FTSE All Share index has achieved a compound annual growth rate of 7.5 per cent. 

Overall the board has made cost cuts, including the above investment management changes, which in aggregate should reduce costs by an estimated ongoing annualised amount of approximately £500,000. The Board will continue to review other existing contracts in order to further reduce costs.

For further information, please contact:

Brett Miller

Chairman

Telephone: 07770 447 338


Mark Sheppard

Midas Investment Management Ltd

Telephone: 020 7225 1836


David Floyd, Gillian McCarthy, Andrew Cox

Fairfax I.S. PLC

Tel: 020 7598 5368


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