Edinburgh-based investment manager RM Capital Markets will now be entitled to a fee of 0.875% of the prevailing net asset value in the event that the prevailing NAV is up to or equal to £250mln.
If the NAV is between £250mln and £500mln the fee will be calculated at 0.800% and if and when NAV rises above £500mln the fee falls to 0.750%.
The previous management fee was calculated at the rate of 0.875% of the prevailing NAV, or 0.5% if NAV was less than £75mln.
NAV ended December at £119.5mln, up from £95.7mln over last year, RMDL said in its results last month.
Also, the agreement now obliges the investment manager to apply up to 10% of the management fee received quarterly subscribing and/or purchasing shares in the trust, with a minimum of £10,000, starting in the current quarter.
The appointment of the investment manager is now also subject to 12 months' notice provided such notice cannot be given earlier than 1 April 2023.
Norman Crighton, chairman Read More – Source