Secured Income Fund PLC Amendment and Termination of IMA (2427J)
20 Agosto 2021 - 8:00AM
UK Regulatory
TIDMSSIF
RNS Number : 2427J
Secured Income Fund PLC
20 August 2021
20 August 2021
Secured Income Fund plc
LEI: 213800TR2S2TT6PKVH57
Amendment and Termination of Investment Management Agreement
The Board of Secured Income Fund plc (the "Company") announces
that it has reached an agreement with its portfolio manager KKV
Investment Management Ltd ("KKVIM") and its AIFM, Kvika Securities
Limited ("KSL") to amend the investment management agreement dated
7 March 2017, as amended and novated, (the "IMA") between the
Company, KKVIM and KSL and for the IMA to terminate with effect
from midnight on 31 December 2021 (the "Agreement").
The key terms of the Agreement are set out below:
-- Management fees payable by the Company to KKVIM of GBP20,500
per month from 1 August 2021 to 31 December 2021;
-- A payment of GBP20,000 in total payable by the Company to
KKVIM, but conditional on a senior employee providing continued
services to the Company to 31 December 2021; and
-- The IMA will terminate with effect from midnight on 31
December 2021. No party has the right to terminate the IMA prior to
this date without cause. No fees shall be payable by either party
on termination other than the amount referred to above.
The Board believes that the revised Agreement provides the
Company with certainty over the level of future management fees
payable to KKVIM with the added flexibility of facilitating the
Company becoming self-managed should the Board deem that
appropriate, whilst providing for the ongoing management of the
portfolio to 31 December 2021. Overall, it allows for an orderly
transition of the management of the portfolio to the Company. A
further announcement regarding the ongoing management of the
portfolio will be made in due course.
The Company also announces that the dispute between KKVIM and
SQN Capital Management, LLC, as announced on 25 June 2021, has been
settled.
This announcement contains inside information for the purposes
of Article 7 of UK version of EU Regulation 596/2014 as it forms
part of domestic law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain. The
person responsible for arranging for the release of this
announcement on behalf of the Company is Kevin Robins of Elysium
Fund Management Limited.
For further information please contact:
Directors
David Stevenson (Chair) tel: +44 7973 873785
Susan Gaynor Coley tel: +44 7977 130673
Brett Miller tel: +44 7770 447338
KKV Investment Management Ltd Investor.communications@kkvim.com
Catherine Halford Riera
finnCap Ltd. tel: +44 20 7220 0500
Corporate Finance: William Marle
Sales: Mark Whitfeld
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END
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